HFF Arranges Sale of Ft. Lauderdale Financial Center
- Apr 19, 2017
HFF has closed the $19.3 million sale of Sabadell Financial Center, a 102,007-square-foot, Class A office building in Plantation, Fla. HFF also arranged a $12.5 million acquisition financing for the new owner.
HFF marketed the property on behalf of seller Clarion Partners and procured the buyer, The Green Cos. Clarion Partners acted on behalf of a separately managed account client advised by the firm.
Senior Managing Director Hermen Rodriguez lead the investment sale team representing the seller, alongside Director Ike Ojala and Associate Director Tracey Goo.
HFF assisted the new owner in securing the 10-year, fixed-rate $12.5 million loan through Aegon USA Realty Advisors. The debt placement team was led by Senior Managing Director Paul Stasaitis and Associate Maxx Carney. The Green Cos. negotiating team was led by Director of Investments James Bernstein, Managing Director Elizabeth Green and President George Brown.
Sabadell Financial Center has undergone renovations from 2012 to 2015 and is currently 96 percent leased to tenants including Sabadell United Bank, Quest Workspaces and Ferencik Libanoff Brandt Bustamante & Goldstein P.A. Located at 150 South Pine Island Road, just north of Interstate 595, the 7.3-acre site is equidistant between Miami and West Palm Beach. It is also close to downtown Fort Lauderdale, Port Everglades and Fort Lauderdale-Hollywood International Airport.
The property last sold for $22 million in 2006, according to Yardi Matrix data.
Also in Florida, HFF recently brokered the sale of Sarasota City Center as part of a $116 million two-building portfolio transaction.
Image courtesy of Yardi Matrix