Morning Calm sells building near Broward courthouse for $14M

Miami /
May.May 05, 2017 05:00 PM

West Palm Beach-based Morning Calm Management sold a Class A office building in Fort Lauderdale to Sefira Capital, a North Miami Beach real estate firm. 

An affiliate of Morning Calm, led by CEO Mukang Cho, sold the eight-story, 66,300-square-foot building at 12 Southeast Seventh Street to HRE/Sefira Courthouse Place LLC for more than $200 per square foot. Cushman & Wakefield announced the sale, which has not yet cleared public records. The Sefira entity financed the deal with an $11.88 million non-recourse loan from a balance sheet bridge lender, Cushman said. The loan will be used for leasing costs and capital improvements.

Courthouse Place, which is about two streets away from the new 20-story Broward County Courthouse. It’s about 72 percent leased to tenants like the law firm Krupnick Campbell Malone Buser Slama Hancock Liberman, Legacy Bank of Florida and Apex Reporting Group. The building has three stories of office space and a five-story garage.

Cushman’s Scott O’Donnell, Dominic Montazemi, Greg Miller, Deanna Lobinsky and Travis Herring represented Morning Calm affiliate Courthouse Place Building Owner. Jason Hochman arranged the financing for the buyer. Principals Mijael Attias and Aby Galsky formed Sefira Capital in 2015.

Property records show Morning Calm paid $991,000 for the land in 2005 and developed the building two years later on a 28,000-square-foot lot.

During the first quarter of this year, Broward saw its vacancy rates fall and rents increase. But the downtown office market softened as high rents pushed tenants into western suburbs, according to a Colliers International report. Rents in the urban core have grown by 21 percent over the past two years, the report said.

Earlier this week, Greystar paid $19.5 million for an office building in downtown Fort Lauderdale with plans to develop an apartment tower. In Fort Lauderdale’s central business district, there are more than 2,700 residential units in the pipeline and about 130,000 square feet of new retail in the works, Cushman said. – Katherine Kallergis


Related Articles

arrow_forward_ios
Dev Motwani and Nitin Motwani with a rendering of 530 North Birch Road (Adache Group Architects)
Motwanis win approval to expand planned Fort Lauderdale condo project
Motwanis win approval to expand planned Fort Lauderdale condo project
Sabadell Financial Center at 1111 Brickell Avenue in Miami, 110 Tower at 110 Southeast Sixth Street in Fort Lauderdale and The Gateway at Wynwood at 2916 North Miami Avenue in Miami with J.C. De Ona of Centennial Bank’s Southeast Florida division, Dominic Montazemi of Cushman & Wakefield, Chris Lee of CBRE, Shelby Rosenberg of R&B Realty Group and Todd Rosenberg of Pebb Capital (Google Maps, LinkedIn, Pebb Capital, R&B Realty Group, Cushman & Wakefield, CBRE)
South Florida office sales falter, despite strong leasing
South Florida office sales falter, despite strong leasing
Jose Luis Zapata with 505 North Fort Lauderdale Beach Boulevard (Orchestra Hotels, Google Maps)
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
No check-in zone: Fort Lauderdale Hilton-branded condo-hotel unit owners fight for access
Sharon Gustafson, Laurent Ouazana and 3916 Country Club Lane (Facebook/Sharon Gustafson, Twitter/@hellolab, Susan Rindley with One Sotheby’s International Realty, Getty)
French insurance CEO buys Fort Lauderdale estate
French insurance CEO buys Fort Lauderdale estate
Renderings of the residential tower in downtown Fort Lauderdale (ODA Architecture)
Brooklyn firm looks to build 47-story Fort Lauderdale tower
Brooklyn firm looks to build 47-story Fort Lauderdale tower
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
arrow_forward_ios

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

Loading...