An Illinois-based boutique private equity firm has now disposed of Fort Lauderdale office tower Cypress Financial Center twice — this time for $44.24 million.
Steelbridge, through affiliate Steelbridge CFC LLC, sold the 11-story building and adjacent garage to CFC Offices LLC, which has ties to Tampa-based office real estate firm Vision Properties, according to a Broward County deed.
The purchaser’s address is listed as the home of Vision Properties principal and CEO Fred Arena.
CFC Offices secured a $27.6 million loan from BSPRT CMBS Finance LLC to buy the asset.
The 436,788-square-foot office complex was constructed in 1988 on a 2.8-acre lot, according to the Broward Property Appraiser’s office.
It’s centrally located at the nexus of primary arteries Interstate 95 and Andrews Avenue, and considered the only Fort Lauderdale Class A office building adjacent to the interstate. It offers direct access to the southbound ramps.
The address is 5900 N. Andrews Ave.
The garage offers four spaces for every 1,000 square feet of office space.
Steelbridge first sold Cypress Financial in 2006 for $48 million to Palm Beach-based real estate firm Tricony, only to buy it from Tricony again in 2014 for $32.55 million.
Since then, Steelbridge significantly revamped the property focusing on interiors, repainting the outside of the building, improving landscaping and modernizing elevators. Steelbridge increased occupancy to 87%, up from 74%, and net rental rates by 20%, according to its website.
Tenants include Marcus & Millichap, TD Bank and Spanish tobacco company Altadis.
Office transactions appear to be picking up, despite questions over the asset class’s future in light of employee exodus from offices caused by the coronavirus pandemic. Workers continue to work from home for public health reasons, but some office investors are bullish on the market.
In likely the biggest transaction since COVID-19 started, Miami Dolphins owner Stephen Ross through his The Related Cos. bought downtown West Palm Beach waterfront office jewel Phillips Point for $282 million.
The exact sale price of Cypress Financial Center was $44,237,379, equating to $101.3 a square foot.
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