HFF has closed the sale of and secured acquisition financing for Broward Financial Center, a 324,429-square-foot, Class A office property in Fort Lauderdale.
HFF marketed the property for the seller, DRA Advisors, LLC.
AGS Property Corporation purchased the property for $112 million free and clear of existing debt. Additionally, HFF secured the $61 million, 10-year, fixed-rate loan for AGS Property Corporation through Morgan Stanley Mortgage Capital, Inc. HFF is servicing the securitized loan.
Broward Financial Center is located at 500 East Broward Boulevard at the intersection of Broward and South Federal Highway in Fort Lauderdale’s Central Business District. The 24-story building has views of the Atlantic Ocean from its northeastern and eastern sides in addition to the upper floors of the southern side. The property, which was completed in 1986 and renovated in 2007, contains on-site casual and fine dining restaurants, a conference center and full-scale gym.
Broward Financial Center is 90 percent leased to a variety of tenants, including Sun-Sentinel Company; Fox Sports Net Florida, Inc.; Premiere Beverage Company, LLC; Northwestern Mutual; Morton’s Restaurant Group and Charles Schwab & Co. Inc.
The HFF investment sales team representing the seller included senior managing director Hermen Rodriguez, executive managing director Manuel De Zárraga, director Ike Ojala and associate director Jorge Portela. Financing was arranged by the HFF debt placement team led by director Chris Drew and senior managing director Paul Stasaitis.
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