Uptown Fort Lauderdale Office Building Sells
Marcus & Millichap negotiated the sale of Cypress Executive Center, a office building located in the Uptown Business District of Fort Lauderdale.
The asset sold for $17,500,000.
ICM Cypress LP, an affiliate of Calgary-based ICM Realty Group, sold the 140,635-square-foot office building at 1901 W Cypress Creek Road to CYPRESS CORPORATE CENTER LLC. The price equates to $124 per square foot. The property is situated on a ground lease that is owned by the City of Fort Lauderdale and has just under 50 years of lease term remaining.
Marcus & Millichap’s Douglas Mandel, Tyler S. Kuhlman and Richard Redmond had the exclusive listing to market the property on behalf of the seller.
“We have sold several properties over the years that were subject to city of Fort Lauderdale ground leases, so we are very familiar with working with Airport Authority and the city of Fort Lauderdale to navigate the assumption process”, said Mandel.
ICM purchased the building in 2015 for $10.9 million when Mandel represented the Seller. At the time, building was just 60% occupied. After the acquisition ICM completed a building-wide renovation, re-branding and repositioning strategy, which resulted in the building’s stabilization. “Our partnership with Doug’s team for the building sale was vital to executing our investment strategy”, said ICM Realty’s Andrew Webb.
“The Cypress Executive Center garnered premium pricing due to current ownerships ability to stabilize the asset, whilst significantly upgrading the buildings core amenities and successfully executing on their value-add strategy from inception,” stated Kuhlman.
Cypress Executive Center is located at 1901 W Cypress Creek Rd in Fort Lauderdale, FL. It is directly across the street from the Fort Lauderdale Executive Airport in the Uptown Business District of Fort Lauderdale, which is home to numerous major national corporations such as Citrix, Microsoft and others. The property was constructed in 1987 and extensively upgraded between 2015 and 2019, with over $1.3 million worth of improvements added to the building, in addition to considerable Tenant Improvements made to many of the suites during the same period.
