Ft. Lauderdale – San Antonio-based investment adviser USAA Real Estate Co. has officially sealed its deal to acquire the high-profile Las Olas Centre in downtown Fort Lauderdale for $170 million. The deed was recorded in Broward County Circuit Court late Wednesday.
The sale of the 469,000-square-foot complex breaks down to about $362 a square foot and marks the top office sale in recent history.The pricing is about a third less than the $230.9 million that the two-tower complex at 350 and 450 Las Olas Blvd. sold for in 2007. That buyer BentleyForbes lost the complex to foreclosure in May after defaulting on its $166 million loan to Wells Fargo.
Click Here For Full Story: http://southflorida.bizjournals.com/southflorida/stories/2010/09/13/daily35.html?s=industry&i=commercial_real_estate
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.