Slate Office REIT to Acquire Fort Lauderdale Office Asset
- Mar 11, 2020
Slate Office REIT has entered into an agreement to acquire Cypress Financial Center, a 201,305-square-foot, Class A office property in Fort Lauderdale, Fla., for $45.5 million. Steelbridge Capital is the seller, according to Yardi Matrix data.
The deal is expected to close in the second quarter of 2020. The REIT will finance the purchase through a combination of debt and equity, using the proceeds from the $63 million sale of 4211 Yonge St., an office building in Toronto.
Located on 3 acres at 5900 N. Andrews Ave., the 11-story building came online in 1988 and includes 2,000 square feet of retail space. Cypress Financial Center was 92.5 percent leased at the time of the agreement. Tenants include Patriot National, Marcus & Millichap, TD Bank and Altadis USA. The weighted average lease term is 8.1 years. Additionally, rent prices are 14.5 percent lower than the current market rates.
In 2015, Steelbridge executed a cosmetic renovation at the property, Yardi Matrix shows. Situated just off Interstate 95, the building is 6 miles from downtown Fort Lauderdale and roughly 12 miles from Fort Lauderdale-Hollywood International Airport.