The Real Deal Miami

Lauderdale office building trades for $112M

Miami investor AGS Property Corp. picks up Broward Financial Center

November 11, 2014 09:45AM

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Broward Financial Center

Broward Financial Center

A Miami investment firm paid $112 million for the Broward Financial Center in Fort Lauderdale.

AGS Property Corp. acquired the 325,000-square-foot office building at 500 East Broward Boulevard in a deal announced on Monday by real estate firm HFF, which represented seller DRA Advisors and arranged financing for AGS. Morgan Stanley Mortgage Capital provided a 10-year, fixed-rate $61 million loan to AGS for the purchase. Broward County has not recorded the transaction.

The 24-story building was completed in 1986 and renovated in 2007. It is 90 percent occupied. Tenants include Charles Schwab & Co., Fox Sports Net Florida and the Sun-Sentinel Co.

HFF senior managing director Hermen Rodriguez, executive managing director Manuel De Zarraga, director Ike Ojala and associate director Jorge Portela led the team representing DRA. Company director Chris Drew and senior managing director Paul Stasaitis led the team arranging financing for AGS. — Eric Kalis

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