Distressed Lauderhill office building sold for $5.3M

Initial borrower's $5M mortgage can now be paid off

TRD 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
From left: Eric Fixler, Joe Landsberg, Austin Levine and Andrew Hagaman

Movers & Shakers: CBRE expands debt team, Compass takes on two teams in South Florida & more

From left: Kyle Jones of Stiles Corp., Mark Corlew of Grover Corlew, Christian Lee of CBRE, Rod Loschiavo of Colliers International South Florida, and Greg Martin of Avison Young

South Florida office market has upside potential for developers, investors: panel

(Credit: iStock)

Foreigners emerge as the new heavyweights in China’s commercial property market

(Credit: iStock)

Report: Availability of U.S. warehouse space last year was the lowest since 2000

Arden Karson lists townhome at L’Hermitage

Arden Karson lists townhome at L’Hermitage

First Industrial Realty Trust pays $9M for Pompano Beach site

First Industrial Realty Trust pays $9M for Pompano Beach site

Co-working firms aren’t happy about CBRE launching competitor company

Co-working firms aren’t happy about CBRE launching competitor company

Metropica taps CBRE for first planned office building

Metropica taps CBRE for first planned office building

arrow_forward_ios
Loading...