The transaction marks Stiles’ second property sale in city this month. CLICK ON THE HEADLINE FOR MORE
A company tied to San Francisco-based investment and development firm Bristol Group, purchased the nearly 203,000-square-foot tower. CLICK ON THE HEADLINE FOR MORE
The Lake Shore Plaza II office building in Sunrise has traded for $32 million.
A company managed by Fort Lauderdale-based Stiles sold the 1300 Concord Terrace building to TR Lake Shore Plaza on Dec. 17, according to Broward County records. The county recorded the transaction on Thursday.
TR Lake Shore is managed by Connecticut firm Cornerstone Real Estate Advisers, which has had a busy month.
Cornerstone partnered with Boca Raton-based Crocker Partners on the $71 million acquisition of downtown West Palm Beach office building Esperante Corporate Center. That purchase closed on Nov. 26.
No financing was recorded for the Lake Shore purchase.
The 128,000-square-foot building was completed in 2008 on nearly nine acres. Tenants include Global Medical Management and Travel Insurance Center.
Another Stiles-managed company sold the Gateway at Sawgrass retail center in Sunrise for $16 million earlier this month.
Source: The Real Deal
A San Francisco investor has acquired the Preferred Exchange Tower in Coral Springs for $12.6 million, a steep discount from the 2005 price paid for the office tower.
BB University Drive, a company tied to San Francisco-based investment and development firm Bristol Group, purchased the nearly 203,000-square-foot tower at 3111 North University Drive, according to Broward County records. The county recorded the transaction today. No financing was recorded.
The seller is 3111 North University Drive Holdings, managed by loan servicing giant CWCapital Asset Management. The CWCapital company took title to the six-acre property after a November 2012 foreclosure auction. A commercial mortgage-backed securities trust managed by U.S. Bank won the auction and turned over the deed to 3111 North three months later.
Bristol’s purchase price is about $21 million less than what a company managed by New York-based Cabot Investment Properties spent to acquire the tower in March 2005. The Cabot company was hit with a $24 million foreclosure action in April 2012.
The tower was originally built in 1985. John Bell of Rockwood Real Estate Advisors marketed the property on behalf of CWCapital.
Source: The Real Deal
Cornerstone Buys Sunrise Office Building For $32M
/in Done Deals, News/by SFOBA STAFFThe transaction marks Stiles’ second property sale in city this month. CLICK ON THE HEADLINE FOR MORE
Coral Springs Office Building Trades
/in News/by SFOBA STAFFA company tied to San Francisco-based investment and development firm Bristol Group, purchased the nearly 203,000-square-foot tower. CLICK ON THE HEADLINE FOR MORE