The Real Deal Miami

Office building near Fort Lauderdale airport sells at $4M loss

Seller had bought the property for $14.5M in 2006.
By Sean Stewart-Muniz | March 31, 2015 01:30PM

The Cypress Executive Center in Fort Lauderdale

The Cypress Executive Center in Fort Lauderdale

An office building across the street from the Fort Lauderdale Executive Airport recently sold for $10.9 million — $4 million less than its last sale price.

The six-story Cypress Executive Center, at 1901 Northwest 62nd Street, was built in 1988 and has 430,920 square feet.

ICM (VII) Cypress LP was named on the deed as the buyer, according to Broward County property records. The company’s address links back to ICM Realty Group, a Canadian real estate investment firm.

The seller, Cypress Executive Associates, paid $14.5 million for the site in 2006. The company’s address is that of the Praedium Group, a New York-based real estate investment firm.

Another commercial property near the airport sold for $8.5 million in January. The office building at 1801 West Spectrum Road also sold at a loss — $2.7 million — to an out-of-state buyer from Dallas.