The Real Deal Miami

LNR trades Fort Lauderdale offices for $6M

Company, an offshoot of Lennar Corp., is now owned by Starwood
By Sean Stewart-Muniz | July 14, 2015 12:45PM

The offices at 800 West Cypress Creek Road

The offices at 800 West Cypress Creek Road

A six-story office building in Fort Lauderdale was sold for $6 million just six weeks after it was listed.

The Cypress Creek Tower, a 61,917-square-foot building at 800 West Cypress Creek Road, was put up for sale by its owner LNR roughly two months ago. The company brought on commercial brokerage Avison Young to market the property. Michael T. Fay and John K. Crotty were the Avison principals on the sale.

LNR paid $2 million in 2013 to acquire the property, which was built in 1975 is 75 percent occupied.  The previous owner fell into foreclosure after the tower lost its anchor tenant Wells Fargo. Cole International Investments was the buyer.

“The second largest office submarket in Broward County with 3.7 million square feet of office product, Cypress Creek is one of the most in-demand submarkets,” said Crotty in a statement. “Buyers are willing to invest in properties within markets where there is positive growth and strength, and the Cypress Creek Tower transaction is a clear example.

LNR is an offshoot of the Lennar Corp., one of the country’s largest homebuilders. The company separated from Lennar in 1997 to become a publicly traded company, but was taken private again in 2005 after its purchase by the Cerberus Companies. Most recently, LNR was bought out by the Starwood Capital Group and Starwood Property Trust for more than $1 billion, according to reports.