FORT LAUDERDALE, FL—Stiles Property Fund (SPF) and Prudential Real Estate Investors bought 200 East Las Olas from Invesco for $108 million. Also known as New River Center, the 20-story trophy class A office tower sits on Las Olas Boulevard in the heart of the city's central business district.
Stiles actually developed the office tower in 1990. The institutional quality office asset, which spans 281,713 rentable square feet and is 86% leased. The sale price equals $383 per square foot.
“As its original developer, we have come full circle with New River Center,” says Stiles president Doug Eagon. “Given our deep knowledge of the asset, the property's upside potential and the robust market outlook, this acquisition fit well with our investment strategy.”
New River Center sits on 1.4 acres and offers views of the New River and Downtown Fort Lauderdale. The office property has a 12-story office tower above an eight-story parking garage with 675 spaces and about 15,000 square feet of ground-floor retail. The tenant roster includes Fifth Third Bank; Akamai, Yum! Brands, Brinkley Morgan, and Stearns Weaver.
“The 24/7 environment in Downtown Fort Lauderdale is contributing to a thriving market with strong employment growth and lower vacancy rates,” says Eagon. “Most of the new jobs being created are in the downtown urban areas of South Florida, including Brickell Avenue and Coral Gables.”
After the acquisition closes, Stiles plans to implement its asset management strategy to drive more upside and synergies at the office building. Stiles Leasing and Management will be engaged exclusively to handle the asset.
Stiles is no stranger to massive commercial real estate transactions, but New River Center is SPF's first office transaction. Stiles launched SPF in 2011 and it initially targeted Florida retail shopping centers, like the Ormond Beach Mall, Publix-anchored grocery centers and Galleria Plaza in Fort Lauderdale. HFF senior managing director Hermen Rodriguez represented Invesco in the sale, with help from associates Ike Ojala, Jorge Portela, and Tracey Goo.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
