The buildings were purchased at a 44% discount. CLICK ON THE HEADLINE FOR MORE
The firm is seeking viable commercial buildings that suffered a loss of tenants during the recession. CLICK ON THE HEADLINE FOR MORE
A pair of office buildings in Boca Raton were acquired at a 44-percent discount to their previous sale.
TIAA took a hit on both properties.
After paying $62.15 million the North 40 pair in 2006, it sold the office buildings at 5201 Congress Ave. and 901 W. Yamato Road for a combined $35 million.
They were acquired by Mainstreet CV North 40 LLC, an affiliate of Fort Lauderdale-based Mainstreet Capital Partners, led by Paul J. Kilgallon. Bank of America provided a $26 million mortgage to the buyer.
According to Mainstreet Capital Partners’ website, it owns more than 6.2 million square feet of offices across the country.
The building on Congress Avenue totals 222,136 square feet on 17.1 acres. An online listing says 101,316 square feet is available for lease there with an asking rate of $13.50 per square foot.
Sitting on 10 acres, the building on West Yamato Road totals 160,817 square feet. According to an online listing, it has 12,500 square feet available for lease with an asking rate of $13.50 per square foot. The building was formerly the headquarters of Medical Staffing Network, which was recently acquired by Cross Country Healthcare.
Orlando-based CNL Commercial Real Estate is moving ahead with a plan to make $300 million in acquisitions over the next 18 months.
In April, CNL closed on the first acquisition for its CCRE Sponsor Equity Fund I — a $45 million purchase of the Sawgrass Lake Center office complex in Fort Lauderdale. The company is now working on a possible new deal in Dallas — a large, vacant commercial building.
Last week, CNL said it hired David Willett of Boston as director of acquisitions for the buying fund. Willett formerly worked for New Boston Fund, a real estate investment management firm.
“The goal is to invest in markets where we have an office and presumably have local expertise on the ground,” said Pryse Elam, president of developments and investment for CNL.
Elam said the Fort Lauderdale purchase is a good example of what CNL is seeking: viable commercial buildings that suffered a loss of tenants during the recession. Willett and Elam are now based in Boca Raton.
Source: SunSentinel
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Mainstreet Picks Up North 40 Office Buildings
/in Done Deals, News/by SFOBA STAFFThe buildings were purchased at a 44% discount. CLICK ON THE HEADLINE FOR MORE
Orlando-Based CNL In Buying Mode
/in News/by SFOBA STAFFThe firm is seeking viable commercial buildings that suffered a loss of tenants during the recession. CLICK ON THE HEADLINE FOR MORE