Two Chicago-based investment firms teamed up last week to purchase a commercial property adjacent to the Fort Lauderdale Executive Airport for $4.6 million.
The property is located at 5101 Northwest 21st Avenue and consists of two single-story buildings on a six-acre site. The Executive Airport Business Center totals 73,216 square feet of commercial space.
Triton Capital and CP Highlands Fund, both investment firms based out of Chicago, joined under a company titled TCPH Broward to purchase the complex. The seller is an affiliate of New York-based lender Torchlight Loan Services.
Torchlight purchased the property last year for only $400,000 during a foreclosure auction. The firm won a foreclosure judgement against the previous owner over a $4.4 million mortgage, and scooped the property up at auction soon after.
Now, the company has made a hefty $4.2 million profit.
Commercial brokerage CBRE, which brokered the sale, said that this is the second purchase Triton has made in South Florida over the past year.
“TCPH Broward has raised additional capital that it intends to use to fund more acquisitions in this market,” said Triton Capital President John Bucheleres in a statement.