The price equates to $226 per square foot.
Butters Realty & Management represented BHG in the off-market purchase. CLICK ON THE HEADLINE FOR MORE
Slate Office REIT is planning to buy Cypress Financial Center in Fort Lauderdale for $45.5 million.
The Toronto-based REIT announced it will buy the 201,305-square-foot office building at 5900 North Andrews Avenue for $226 per square foot. Steelbridge CFC LLC, tied to Miami-based Steelbridge Capital, is the seller.
The acquisition is expected to be completed in the second quarter, according to a press release.
The property last sold for $32.5 million in 2014, records show.
Rents at the property are currently 14.5 percent below market, according to the release.
Cypress Financial Center is currently 92.5 percent occupied, with tenants such as City National Bank, Marcus & Millichap, TD Bank, and Altadis.
JLL’s Hermen Rodriguez, Matthew McCormack and Ike Ojala marketed the property for sale.
Slate Asset Management is a real estate focused alternative investment platform with over $6.5 billion in assets under management.
Source: The Real Deal
Record-breaking growth is driving Bankers Healthcare Group, a leading provider of financial solutions for licensed healthcare practitioners and other highly skilled professionals, to expand to a new corporate headquarters in Miramar and hire new staff.
A BHG company purchased an existing 130,000-square-foot, six-floor building at 3700 Lakeside Dr. in Miramar. Terms of the sale were not disclosed. Butters Realty & Management represented BHG in the off-market purchase.
The company will soon begin remodeling the building, with plans to move in October 2020. BHG’s 260 employees will occupy the first, second, and third floors; the three other existing tenants will remain on floors four through six. BHG will retain its current location in Davie and make it available for commercial lease after the relocation.
“We founded our company’s corporate headquarters in South Florida nearly 20 years ago, and we’re thrilled to continue our growth here,” said Eric Castro, Co-Founder of Bankers Healthcare Group.
“We’ve outgrown our current space and our new building can better accommodate our steadily increasing business and staff numbers.”
BHG’s new headquarters will be equipped to encourage health and wellness. Amenities will include:
The space will also include a coffee shop and parking to accommodate 700 vehicles. Its central location near the Dade/Broward county line is less than 30 miles to both the Miami International Airport and Ft. Lauderdale International Airport.
BHG has plans to hire an additional 129 employees by next year, as market demand for BHG’s suite of financial solutions continues to increase.
“Miramar is excited to welcome Bankers Healthcare Group to our vibrant city. Miramar is a place where companies like BHG can employ exceptional talent. We’re pleased that this dynamic company will help to further diversify our corporate base,” said Miramar City Manager Vernon E. Hargray.
The purchase was the culmination of an extensive site selection process and complex negotiation process with the seller.
“BHG examined numerous opportunities,” said Molly McDonough, senior vice president of Butters, who worked with BHG in its search along with Butters Executive Vice President Darcie Lunsford. “We had to find a location close to BHG’s existing Davie facility with high-quality corporate infrastructure that could be renovated and occupied quickly enough to meet the company’s brisk growth trajectory. Nothing on the market worked, so we identified and pursued this asset off-market because it fit our needs.”
BHG selected G. Alvarez Studio as the architect.
“From all of us at G. Alvarez Studio, Inc., we would love to say a big congratulations to the entire BHG family! We are so excited to have been awarded this fantastic project, and working with a talented and progressive institution,” said Christian Vidal, AIA, Vice President at G. Alvarez Studio. “Since we met the team, we were quickly drawn to their enthusiasm, internal dynamics and overall workplace atmosphere. We look forward to creating a new space that further reflects and supports BHG’s unique culture, and future growth for years to come.”
The SFOBA is a network of Professional Office Leasing Brokers in South Florida. Membership is by invitation only – landlord and tenant representatives are included.
Email: admin@sfoba.com
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REIT Planning To Buy Fort Lauderdale Office Tower For $45.5 Million
/in News/by SFOBA STAFFThe price equates to $226 per square foot.
Bankers Healthcare Group Buys 130K Office Building For HQ Expansion
/in Done Deals, News/by SFOBA STAFFButters Realty & Management represented BHG in the off-market purchase. CLICK ON THE HEADLINE FOR MORE