Distressed Lauderhill office building sold for $5.3M

Initial borrower's $5M mortgage can now be paid off
June 21, 2013 03:00PM

Executive University Courts

The $5.3 million sale of a distressed 113,063-square-foot office complex in Lauderhill makes it possible to pay off the $5 million mortgage of the initial borrower, the South Florida Business Journal reported.

An affiliate of Texas-based Boxer Property Management seized Executive University Courts, at 4300 North University Drive, in April. This was to resolve its lawsuit against an affiliate of New York-based Milbrook Properties, the building owner. The new owner, the Boxer affiliate, acquired it at a 48 percent discount from a commercial mortgage-backed securities trust.

CBRE Private Capital Group brokered the sale of the property to KAS Partners. Dominic Montazemi and Miguel Alcivar chipped in on the sale. Deborah Fink will handle the leasing. The property was 62 percent occupied at the time of sale as a result of a long foreclosure process, said Scott O’Donnell of CBRE in a statement.

“The sale represents the continued trend of value-add investors identifying functional office assets that have been financially challenged,” O’Donnell said, “but leasable through capital infusion and active management.” [SFBJ]Mark Maurer