Las Olas Centre Trades For $442 PSF

Bradford Allen Investment Advisors has purchased the Las Olas Centre I & II office complex in downtown Fort Lauderdale for $208 million, according to sources.

The seller, RAR2 – Las Olas Centre LLC, a subsidiary of Chicago-based RREET Property Trust under DWS Group, transferred ownership of the 470,810-square-foot office and retail space, along with 1,344 parking spaces.

The properties are located at 350 and 450 E. Las Olas Blvd.

The deal marks the first time in nearly a decade that a Fort Lauderdale office building has sold for over $200 million. The property last changed hands in 2014 for $204 million.

Originally developed in 1997, the Las Olas Centre is currently 69% occupied, according to the buyer. Bradford Allen plans to invest $25 million in upgrades, which will include enhancements to the lobby, conference rooms, fitness center, and outdoor areas.

This acquisition marks Bradford Allen’s first foray into the South Florida market.

Jon Blunk and Laurel Oswald of TCRE have been appointed to oversee leasing for the property.

While Fort Lauderdale’s office market has lagged behind Miami and West Palm Beach in terms of rent growth, downtown Fort Lauderdale has outperformed the national average in both vacancy rates and rental increases. The city continues to attract businesses seeking a central location and more affordable Class A office rents compared to its South Florida counterparts.

 

Source:  SFBJ