Distressed Lauderhill office building sold for $5.3M

Miami /
Jun.June 21, 2013 03:00 PM

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


Related Articles

arrow_forward_ios
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Clockwise: River Landing, Delray Commons and the PulteGroup office space
Lease roundup: Driveshack, GoPuff ink leases & more
Lease roundup: Driveshack, GoPuff ink leases & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
Movers & Shakers: CBRE hires two senior vice presidents & more
CBRE CEO Bob Sulentic and Gordon Messinger (CBRE/Illustration by Kevin Rebong for The Real Deal)
Gordon Messinger joins CBRE from Cushman & Wakefield
Gordon Messinger joins CBRE from Cushman & Wakefield
From left: Miguel Solis, Mario Chirino, and Madelayne Garcia
Longtime Berkshire Hathaway team joins Elliman, CBRE taps new South Florida exec & more
Longtime Berkshire Hathaway team joins Elliman, CBRE taps new South Florida exec & more
Michael S. Sheitelman and Josh Bank
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Arden Karson
Arden Karson launches real estate firm during Covid
Arden Karson launches real estate firm during Covid
Ivan Chorney and Michael Martirena
Movers & Shakers: Top One Sotheby’s team joins Compass, shakeup at CBRE & more
Movers & Shakers: Top One Sotheby’s team joins Compass, shakeup at CBRE & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...