Southpointe I is a 135,819-sf, class A office building that is 100% leased to the General Services Administration and currently occupied by the Fort Lauderdale District Office of the Internal Revenue Service. Southpointe II, a 79,464-sf, class A, multi-tenant office building, houses the Centex Construction Group.
Hermen Rodriguez, senior director, and Manuel de Zárraga, senior managing director, in Holliday Fenoglio Fowler's Miami office, along with Jim Batjer, senior director in the firm's Dallas office, arranged the sale as exclusive agents for Centex Development Co.
Both buildings were sold subject to existing mortgage loans, which were assumed by the buyer. Holliday Fenoglio Fowler also helped the buyer manage the loan assumption process, which involves two institutional lenders.
Southpointe I has a $17.4 million loan issued by a life insurance company, and Southpointe II has an $8 million loan issued by a conduit. These loans expire in 2009 and 2011, respectively.
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