CalSTRS sells Fort Lauderdale office building for $48M

Tampa investment firm bought the 12-story Coastal Tower

Miami /
Aug.August 06, 2018 01:45 PM

Coastal Tower Fort Lauderdale, photo of Greg Williams director at Cardinal Point Management

California’s teachers’ retirement fund just sold the Coastal Tower in Fort Lauderdale for $47.5 million to Cardinal Point Management, a Tampa-based investment and property management firm.

The California State Teachers’ Retirement System sold the 571,300-square foot office building at 2400 East Commercial Boulevard to Halcar Coastal, which is tied to Cardinal Point, for about $80 per foot. The buyer financed the deal with a $41 million loan from New York Life Insurance, according to property records.

The 12-story Coastal Tower was built in 1984 on a 3.3-acre lot on the southeast corner of Commercial Boulevard and U.S. 1 in the Coral Ridge neighborhood of Fort Lauderdale. About 101,000 square feet of office space is available to lease, according to Loopnet.

Overall, South Florida’s office market is showing some signs of cooling off after years of low vacancy rates and strong demand. In Broward County, net absorption totaled negative 107,000 square feet in the second quarter of 2018, down from a positive 202,070 square feet absorbed in the second quarter of 2017, according to JLL.

Cardinal Point Management, led by Gregory Williams, has commercial and residential properties in Tampa, St. Petersburg and the Orlando area. The firm focuses on “value-add” investment opportunities, according to its website.

CalSTRS is the largest retirement fund for teachers in the United States with a portfolio of more than $220 billion. About 13 percent of the total fund’s investments is allocated in real estate.


Related Articles

arrow_forward_ios
Clockwise from top: Kenneth, Robert and Bradley Fishel with Aventura Corporate Center (Getty)
Renaissance Properties sells Aventura office complex for $140M
Renaissance Properties sells Aventura office complex for $140M
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Brightline CEO Patrick Goddard with the Northwest Second Street development site (Goddard via LinkedIn, Google Maps)
New buyer aboard: Brightline parent sells sites near Fort Lauderdale station
New buyer aboard: Brightline parent sells sites near Fort Lauderdale station
Rendering of the project and the location for the development (Google Maps, Native Realty)
Former Fort Lauderdale church site to be reborn with offices, retail
Former Fort Lauderdale church site to be reborn with offices, retail
Landlords keep raising office space rents despite a grim outlook for vacancy rates (Getty)
Miami office vacancy rates reach Great Recession levels
Miami office vacancy rates reach Great Recession levels
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
arrow_forward_ios

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

Loading...