CORAL SPRINGS, FL-From making flashy moves on the ice to closing deals in a boardroom, the sale of the 10-story, 271,815-sf Florida Sunrise Tower was just another game to Las Vegas property owner Ralph Engelstad. The former University of North Dakota hockey star sold his 15-year-old asset to locally-based Preferred Coral Springs 1 for $15.59 million or $57.36 per sf. Engelstad’s Florida Sunrise Ltd. bought the property at 3111 N. University Drive in 1992 for $5.7 million or $20.97 per sf.

The building has had a checkered past. Sunrise Savings & Loan put up $20.73 million in a 1984 construction loan. The property was foreclosed in 1989 and Sunrise Savings itself also went under. Preferred Exchange Tower Inc., managed by Jordan C. Paul is the general partner of the building’s newest owner.

Preferred Coral Springs 1 bought the building with a first mortgage of $12.46 million to Transamerica Occidental Life Insurance Co. and a second mortgage of $5.95 million to Salomon Brothers Realty Corp. That is $2.81 million over the $15.59 sales price.

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