LNR trades Fort Lauderdale offices for $6M

Company, an offshoot of Lennar Corp., is now owned by Starwood

TRD MIAMI /
Jul.July 14, 2015 12:45 PM

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.


Related Articles

arrow_forward_ios
Mike Napoli and 2501 Delmar Place (Getty, Coldwell Banker)

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M

He’s out: Baseball’s Mike Napoli sells waterfront Fort Lauderdale mansion for $7M
4 West Las Olas

Fort Lauderdale developers score $92M bridge loan for rental tower

Fort Lauderdale developers score $92M bridge loan for rental tower
John Moran Jr. and 5 Isla Bahia Terrace, Fort Lauderdale

Warehousing CEO pays $8M for waterfront Fort Lauderdale house

Warehousing CEO pays $8M for waterfront Fort Lauderdale house
Kolter’s Bobby Julien and a rendering of the project (Kobi Karp)

Kolter wins approval for oceanside Fort Lauderdale condo development

Kolter wins approval for oceanside Fort Lauderdale condo development
Michael Wekerle & 1000 Riviera Isle Drive (Credit: Google Maps and Isaiah Trickey/FilmMagic via Getty Images)

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M
Jared Galbut, Bodega Taqueria

Menin plans major expansion of Bodega Taqueria

Menin plans major expansion of Bodega Taqueria
100 Las Olas & Pietro Belmonte, Marc Brandt, Gigi Giusti

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties

Douglas Elliman takes over sales of 100 Las Olas from OneWorld Properties
Dev Motwani & 317 North Federal Highway

Dev Motwani buys Fort Lauderdale dev site for $14M

Dev Motwani buys Fort Lauderdale dev site for $14M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...