Real estate investor Corey Shader purchased the office building. CLICK ON THE HEADLINE FOR MORE
The seller walked away with a $56 million, or 34 percent, gain. CLICK ON THE HEADLINE FOR MORE
Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) Senior Director Douglas K. Mandel, along with National Office and Industrial Properties Group Associate Timothy P. Thomas facilitated the sale of 2425 Office Plaza, a 21,625-square-foot boutique office asset located at 2425 East Commercial Boulevard in Fort Lauderdale.
Real estate investor Corey Shader purchased the office building for $2.3 million from a subsidiary of Coral Gables-based KAS Partners. The property last traded in December 2010 for $1,450,000.
2425 Office Plaza was approximately 70 percent occupied at the time of the sale, which closed on September 16.
“With its central location, direct frontage on Commercial Boulevard and tremendous lease-up potential, 2425 Office Plaza provided Mr. Shader with an excellent opportunity to acquire a well-maintained, value-add office building,” commented Mandel.
The 1971-built office property, which consists of four stories situated on a 0.45-acre parcel of land with direct frontage along Commercial Boulevard, just east of Federal Highway (US Highway 1), was renovated in 2005.
Mandel and Thomas represented the seller in the transaction. The buyer was represented by One Investment Group.
The South Florida office market keeps reeling in investors ready to drop large sums on the region’s trophy assets.
In one of the biggest commercial real estate deals this year, a downtown Fort Lauderdale office tower changed hands for $220 million.
A company linked to Deutsche Bank‘s asset and wealth management division pocketed the Bank of America Plaza at Las Olas City Centre, a 23-story office tower built in 2002, from J.P. Morgan Investment Management Inc., according to Broward County property records.
The pricey deal closed Monday, five years after New York-based J.P. Morgan Chase & Co. originally purchased the asset. The seller walked away with a $56 million gain, or 34 percent
The 725,898-square-foot Class A office building at 401 E. Las Olas Blvd. sits on 2½ acres with about 408,000 square feet of leasable office space. It is anchored by Bank of America, and other tenants include Greenberg Traurig; Boies, Schiller & Flexner; GrayRobinson; Patriot National Inc.; and Farlie Turner & Co.
The deal broke down to $303 per square foot.
Fort Lauderdale’s office market has attracted new players this year looking for valuable assets away from Miami’s congested urban core.
Miami-based Steelbridge Capital purchased the two-building Class A SunTrust Center office complex a block away at 501-505 Las Olas Blvd. for $87 million in June. That deal, at $320 per square foot, was the largest transaction since June 2015.
In August, Massachusetts-based Brookwood Financial Partners sold an 11-story office building in downtown Fort Lauderdale for $46.5 million — $14 million more than what it paid two years ago.
Broward County’s investment sales activity picked up last quarter with eight transactions totaling $134 million, according to CBRE Inc. Overall, commercial transactions totaled $345 million during the first half of the year.
The submarket’s vacancy rates dropped to 12 percent in the second quarter as new entrants vie for space and existing companies expand their footprints.
Source: DBR
KAS Partners Unloads Office Property, More Than Doubles Investment
/in Done Deals, News/by SFOBA STAFFReal estate investor Corey Shader purchased the office building. CLICK ON THE HEADLINE FOR MORE
Downtown Fort Lauderdale Office Sale Closes At $220 Million
/in Done Deals, News/by SFOBA STAFFThe seller walked away with a $56 million, or 34 percent, gain. CLICK ON THE HEADLINE FOR MORE