The property could be primed for redevelopment. CLICK ON THE HEADLINE FOR MORE
The asset was acquired by Boca Raton-based IP Capital Partners, LLC for $286 per square foot. CLICK ON THE HEADLINE FOR MORE
An affiliate of Stiles Corp. paid $13.1 million for a Bank of America drive-thru facility in downtown Fort Lauderdale, a property that could be primed for redevelopment.
The bank sold the 1.45-acre site at 212 S.E. 2nd Ave. — a block north of Las Olas Boulevard — to 212 Partners LLC, an affiliate of Fort Lauderdale-based Stiles Corp.
The 2,797-square-foot financial facility was built in 1983.
Stiles Corp. has developed many office buildings and residential towers in downtown Fort Lauderdale. In a recent feature story on his company, founder and co-CEO Terry Stiles told the Business Journal that he’d like to build a 300,000-square-foot office tower in downtown Fort Lauderdale and the Bank of America drive-thru teller site was one of the possible locations for that project. He’s also exploring putting the office building at the Broward College downtown campus – right next to the drive-thru – as Stiles Corp. is one of three parties in an ongoing request for proposals process with the college to redevelop that site.
So with the acquisition from Bank of America, Stiles Corp. can tell BC that it would have an even larger property to develop if it wins the bidding.
Stiles Corp. Vice Chairman Doug Eagon said it has been trying to acquire the Bank of America property since 2008 and the bank finally put it on the market. He said the property would have the office tower, or be used in combination with the college site – should Stiles be selected – build office and other uses. Stiles will now start approaching prospective office tenants, he added.
“We believe in the downtown office market,” Eagon said. “We think that this is the time to be planning for the development of the next office building downtown…Vacancies have declined over the last few years. We understand what tenants might want to come downtown. We understand the tenants with expansion needs.”
Source: SFBJ
Cushman & Wakefield negotiated the $113 million sale of 110 Tower, a 394,830-square-foot trophy office building in the Fort Lauderdale CBD.
The Capital Markets brokerage team of Executive Director Mike Davis, Senior Director Rick Brugge, Senior Director Michael Lerner, Executive Director Scott O’Donnell and Senior Director Dominic Montazemi represented Dallas-based seller Genesis Capital Partners XI Ltd., a GenCap Partners, Inc. investment fund. The asset was acquired by Boca Raton-based IP Capital Partners, LLC for $286 per square foot.
110 Tower is a 30-story, Class A office tower built in 1988. As the tallest and most recognizable building in the CBD, 110 Tower features 22 stories of office space, five stories of structured parking, two stories of mechanical space and ground-floor retail and parking. On-site amenities include restaurants, a health club, a full-service bank, as well as conference and entertainment facilities.
In 2011, 110 Tower completed a comprehensive $15 million renovation program that included upgrades to the ground floor lobby; a new 6th Street look; upgraded upper-floor common areas and other interior spaces; replacement and improvement of all building primary mechanical systems; and a unique exterior lighting system. New and existing amenities include 110 Fitness, Subway, That’s A Wrap, Dunkin’ Donuts, Sabadell Bank, car wash, a wrap-around outdoor terrace, ballroom and multiple conference centers.
110 Tower has received numerous accolades, including USGBC of South Florida’s Gala Verde Award as Florida’s Best in LEED for Existing Buildings; BOMA Fort Lauderdale/Palm Beaches’ TOBY Award for Renovated Building of the Year; BOMA’s Southern Regional TOBY Award for Renovated Building of the Year; and the PRISM Award for Renovated Building.
The property’s location at 110 SE 6th Street sits directly across from the new Broward County Courthouse. Fort Lauderdale has also made a commitment to municipal improvements in immediate proximity to 110 Tower, including the completion of the Wave electric streetcar with a stop directly in front of the asset.
“The CBD has evolved into a true live, work and play environment, which is driving strong demand for office space,” said Davis. “Despite the growth in residential construction and population within the CBD, however, there is currently no new Class A office construction. With growing demand and no new supply, rental rates and occupancies in the Fort Lauderdale CBD are expected to continue to grow well into the future.”
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
Email: admin@sfoba.com
Stiles Purchases Downtown Fort Lauderdale Property
/in Done Deals, News/by SFOBA STAFFThe property could be primed for redevelopment. CLICK ON THE HEADLINE FOR MORE
Fort Lauderdale Office Tower Trades For $113 Million
/in Done Deals, News/by SFOBA STAFFThe asset was acquired by Boca Raton-based IP Capital Partners, LLC for $286 per square foot. CLICK ON THE HEADLINE FOR MORE