The Real Deal Miami

Zimmerman offices in Fort Lauderdale sell at loss

Property was sold by securities trust
The offices at 2200 West Commercial Boulevard in Fort Lauderdale

The offices at 2200 West Commercial Boulevard in Fort Lauderdale

A Fort Lauderdale office building, whose main tenant before falling into foreclosure was media giant Zimmerman & Partners Advertising, has been sold for a meager $3.3 million — almost $8 million below its 2005 price tag.

Located at 2200 West Commercial Boulevard, the 69,193-square-foot building sits on a 2.3-acre lot and was owned by DMARC 2006-CD2 Broward Facilities.

The South Florida Business Journal reported in 2013 that DMARC represented a commercial mortgage-backed securities trust, which filed suit against the building’s previous owners over a $19.6 million delinquent loan on that property and another office complex in Fort Lauderdale.

Zimmerman & Partners, which was the building’s main tenant, decided to not renew its lease that expired in 2014.

DMARC won the suit in 2014 against an affiliate of Boston-based Cabot Investment Properties, and sold the building, at 2200 West Commercial Boulevard, a little less than a year later.

Now, the building is owned by an Illinois-based company led by Roshan Shoffet. Keith Kidwell, Les Byron, and Steve Davis of commercial brokerage Sperry Van Ness represented Shoffet in the deal. — Sean Stewart-Muniz