New York Life Provides $34M for Fort Lauderdale Office Buy
HFF represented the seller and worked with the buyer in the transaction to secure the acquisition financing from New York Life Insurance Co. Loan proceeds were used to acquire the property and provides additional capital for an upcoming building renovation, HFF reports.
FORT LAUDERDALE, FL—The Trade Center South office building in the tech-oriented Cypress Creek submarket here has sold for $34.35 million.
In a deal brokered by HFF, the partnership of DRA Advisors based in New York City and Mainstreet Capital Partners of Fort Lauderdale sold the 216,038-square-foot mid-rise Class A office building to a joint venture of Cardinal Point Management of Tampa Bay and Halstatt Real Estate Partners of Naples, FL.
HFF represented the seller and worked with the buyer in the transaction to secure the acquisition financing from New York Life Insurance Co. Loan proceeds were used to acquire the property and provides additional capital for an upcoming building renovation, HFF reports.
The six-story Trade Centre South office building sits atop a four-story parking garage. The building is 87.1% leased to tenants in a variety of industries, including law, technology, government, marketing and accounting.
Situated at 100 West Cypress Creek Road, Trade Centre South fronts Interstate 95, South Florida’s major north-south artery, which has a daily traffic count of more than 275,000. The property has an integrated Cypress Creek Tri-Rail station, which provides access to Miami-Dade and Palm Beach Counties and makes the property a transit-oriented location for thousands of daily commuters, HFF reports.
The HFF investment advisory team representing the seller included senior managing director Hermen Rodriguez and senior director Ike Ojala.
The HFF debt placement team representing the borrower included senior managing director Chris Drew, director Brian Gaswirth and associate Matthew McCormack.
“Cardinal Point and Halstatt continue to expand their footprint in South Florida, and this acquisition allows them to have a critical mass within the greater Ft. Lauderdale office submarket” Gaswirth said. “The accretive debt was a testament to the strength of the sponsorship and asset.”