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FORT LAUDERDALE, FL-West City Partners has acquired the 28-story, 276,000-sf Regions Bank office building at One Financial Plaza for $65 million. Locally based Mainstreet Capital Partners was the seller.

Mainstreet acquired the building in a joint venture with Assurant in November 1999 for $36.5 million. During its ownership, Mainstreet sold off an adjacent parking lot for $9.6 million and redeveloped the property’s exterior and parking garage. The property had been under contract to ING in October 2005 but the sale was derailed after the building suffered extensive damage during Hurricane Wilma.

Prior to the sale, Mainstreet redesigned the exterior of the building, including a new curtain wall. West City Partners will finish repairs to the curtain wall. “One Financial Plaza represents exactly the type of value added investment that Mainstreet Capital Partners focuses on for its partners,” says Mainstreet Capital Partners president Paul Kilgallon. “Having more than doubled the value of the property during our ownership, it was time to sell the asset to a more core investment group.”

Kilgallon tells GlobeSt.com that the building was 87% occupied at the time of the sale with major tenants including Broad and Cassel, Bunnel Woulfe, Haliczer Pettis and the Tower Club, which occupies the entire 28th floor of the building.

Mainstreet Capital Partners has been actively acquiring properties in recent years. In 2006, the company acquired five properties totaling more than $230 million, including the 743,000-sf Tampa City Center in Tampa for $90 million. “Mainstreet remains focused on acquisitions in the Southeast and Southwest United States,” Kilgallon says. “Mainstreet is currently extremely active evaluating value added opportunities in those regions.”

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