The Real Deal Miami

Dental firm buys out its Fort Lauderdale offices for $15M

Dental firm paid more than 2.5 times what building last sold for

December 16, 2015 05:15PM
By Sean Stewart-Muniz

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The Broward Trade Center in Fort Lauderdale

The Broward Trade Center in Fort Lauderdale

The Liberty Property Trust just sold a Fort Lauderdale office building to one of its tenants for $14.7 million.

The deal includes the Broward Trade Center, located at 200 West Cypress Creek Road, less than a mile away from the Fort Lauderdale International Airport.

Liberty, a real estate investment trust with $8 billion under management, had paid $5.7 million for the 118,952-square-foot building in 2003. That sale broke down to about $48 per square foot.

The trust has now sold the building to an affiliate of MCNA Dental, a healthcare agency that has its headquarters in the trade center. MCNA paid roughly $123 per square foot for the building — more than 2.5 times what Liberty acquired it for 12 years ago.

MCNA Dental has about four million clients, according to the company’s website. The health care agency financed its acquisition with a $12.16 million mortgage from BankUnited. Glenn Feingold, the company’s founder and CEO, signed the documents.