FORT LAUDERDALE, FL-A joint venture of locally based Mainstreet Capital Partners and Boston-based AEW Capital Management has acquired three class A office buildings. One building is in Deerfield Beach, and two are in Fort Lauderdale.

The properties acquired were a four-story, 173,000-sf building at 800 Fairway Dr. in Deerfield Beach; a four-story, 90,000-sf building called Commercial Place I on Commercial Boulevard in Fort Lauderdale and a three-story, 84,000-sf building called Commercial Place II also on Commercial Boulevard here. The acquisition prices were not released. Commercial Place I is 96% leased and Commercial Place II is 98% leased.

Jay Caplin, of Cushman & Wakefield, represented the seller. This is the first joint venture between Mainstreet and AEW.

With the acquisitions of Commercial Place I and II, Mainstreet increases its portfolio in Fort Lauderdale’s Cypress Creek submarket. Other properties the company owns in the submarket include 2101 Commercial Blvd., Park Center and Cypress Park in Cypress Corporate Park and Cypress Executive Center at 1901 West Cypress Creek Rd.

“The two Commercial Place buildings fit the criteria for our investment profile,” says Mainstreet Capital Partners president Paul Kilgallon. “They are in a primary location and, like our other Cypress Creek submarket properties, they are highly competitive in a vibrant market.”

With the acquisition of the building in Deerfield Beach, Mainstreet adds to its portfolio in the Boca Raton area. The company recently acquired the 40-acre Siemens campus in Boca Raton, as previously reported. “800 Fairway Dr. has a world-class rent roll, including Pepsi and Ford,” says Kilgallon. “We were able to purchase this asset at a significant discount to replacement cost.”

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