Tag Archive for: matthew mccormack

Plantation’s Cornerstone Corporate Center I Trades For $38 Million

/in , /by

JLL Capital Markets has closed the sale of Cornerstone Corporate Center I in Plantation.

JLL represented the seller, The AFL-CIO Building Investment Trust, advised by PNC Realty Investors, and procured the buyer, PIR Corner, LLC, an entity managed by Atlanta-based private commercial real estate firm The Brookdale Group.

Comprised of 170,172 square feet, Cornerstone I is located on 9.14 acres overlooking exceptional lake and golf course views at 1200 S Pine Island Road. The Class A, 80% leased multi-tenant asset is perfectly situated at a key access point to the vibrant community of Plantation, with proximity to I-595 and Fort Lauderdale. Cornerstone I boasts high-quality tenancy including Marriott International, Morgan Stanley and MetLife. The Property features a covered parking deck, a recently renovated gym, a café and access to numerous nearby restaurants and amenities.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Hermen Rodriguez, Managing Director Ike Ojala, Senior Director Matthew McCormack, Associate Max Lescano and Analyst Blake Koletic.

“Even today with rising interest rates, well-located, suburban office buildings have significant investor demand in South Florida,” said Rodriguez.

REIT Planning To Buy Fort Lauderdale Office Tower For $45.5 Million

/in /by

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

HFF Arranges $41M Acquisition Loan For Office Building In Fort Lauderdale

/in , /by

HFF has arranged a $41 million acquisition loan for Coastal Tower, a 261,676-square-foot office building located at 2400 E. Commercial Blvd. in Fort Lauderdale.

Chris Drew, Brian Gaswirth and Matthew McCormack of HFF arranged the four-year, floating-rate bridge loan through New York Life Insurance Co. on behalf of the borrower, Cardinal Point Management.

The 12-story tower was most recently renovated in 2008 and is home to tenants such as USI Insurance, Morgan Stanley and Mass Mutual.

 

Source:  RE Business

Class A Boca Office Property Fetches $60 Million

/in , /by

C. Talanian Realty Co. has purchased Peninsula Executive Center, an office development in Boca Raton, for $59.8 million.

The 187,784-square-foot, Class A office property, located at 2381 and 2385 Executive Center Drive, consists of two four-story office buildings and a 742-space parking structure.

The property is currently 97 percent leased and is anchored by Newell Brands.

HFF, led by Chris Drew, Hermen Rodriguez, Ike Ojala, Brian Gaswirth and Matthew McCormack marketed the property on behalf of the undisclosed seller. HFF also secured $33.5 million in long-term, fixed-rate acquisition financing through Principal Real Estate Investors on behalf of C. Talanian Realty.

 

Source:  RE Business