The Real Deal Miami

Zimmerman offices in Fort Lauderdale sell at loss

Property was sold by securities trust

June 04, 2015 09:45AM

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The offices at 2200 West Commercial Boulevard in Fort Lauderdale

The offices at 2200 West Commercial Boulevard in Fort Lauderdale

A Fort Lauderdale office building, whose main tenant before falling into foreclosure was media giant Zimmerman & Partners Advertising, has been sold for a meager $3.3 million — almost $8 million below its 2005 price tag.

Located at 2200 West Commercial Boulevard, the 69,193-square-foot building sits on a 2.3-acre lot and was owned by DMARC 2006-CD2 Broward Facilities.

The South Florida Business Journal reported in 2013 that DMARC represented a commercial mortgage-backed securities trust, which filed suit against the building’s previous owners over a $19.6 million delinquent loan on that property and another office complex in Fort Lauderdale.

Zimmerman & Partners, which was the building’s main tenant, decided to not renew its lease that expired in 2014.

DMARC won the suit in 2014 against an affiliate of Boston-based Cabot Investment Properties, and sold the building, at 2200 West Commercial Boulevard, a little less than a year later.

Now, the building is owned by an Illinois-based company led by Roshan Shoffet. Keith Kidwell, Les Byron, and Steve Davis of commercial brokerage Sperry Van Ness represented Shoffet in the deal. — Sean Stewart-Muniz