Pacific Coast Capital Partners JV drops $109M on 1 East Broward

PCCP and NAI/Merin Hunter Codman bought the office tower from Ivy Realty

Miami /
Oct.October 03, 2018 06:30 PM

1 East Broward

A joint venture between Pacific Coast Capital Partners and NAI/Merin Hunter Codman paid $108.5 million for 1 East Broward, an office tower in downtown Fort Lauderdale.

Ivy Realty sold the 19-story, Class A building to 1 East Broward Owner LLC, according to a press release. The buyer financed the deal with a $77.5 million mortgage from SunTrust Bank. CBRE’s Chris Lee and José Lobón brokered the sale, and CBRE’s Amy Julian worked with NAI/Merin Hunter Codman to arrange the financing.

The building was developed in 1984 and was previously known as the Wells Fargo tower. It was re-branded after Ivy Realty purchased the then-distressed asset in 2011.

The office tower and a five-story building are connected by a sky bridge to a four-story parking garage with 772 spaces. Ivy Realty invested nearly $5 million in renovations since 2013, and it’s now 91 percent to leased to tenants that include Kemet Corp., according to the release. Kemet, an electronic components supplier, relocated to 1 East Broward from Greenville, South Carolina earlier this year. Becker & Poliakoff; Quintairos, Prieto, Wood & Boyer, P.A.; McGlinchey Stafford; and Hinshaw & Culbertson LLP are also tenants.

PCCP, a real estate finance and investment management firm based in New York and San Francisco, has more than $6.5 billion in assets under management, according to the release.

NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward. Neil Merin and Max Pawk will handle leasing.

The sale is one of the biggest office deals to close in Fort Lauderdale over the past year. In August, the California State Teachers’ Retirement System sold the Coastal Tower at 2400 East Commercial Boulevard to Cardinal Point Management for $47.5 million.

The building is within walking distance of Fort Lauderdale’s Brightline station.


Related Articles

arrow_forward_ios
Nuveen Real Estate's Mike Sales with the Waterford Business District
Lease roundup: Nuveen, Allianz ink 6 new tenants at Waterford Biz District
Lease roundup: Nuveen, Allianz ink 6 new tenants at Waterford Biz District
Tavistock's Joe Lewis with  Pier Sixty-Six (Super Yacht Fan)
Tavistock’s long-planned Pier Sixty-Six condos hitting the market soon
Tavistock’s long-planned Pier Sixty-Six condos hitting the market soon
501 East Las Olas Boulevard in Fort Lauderdale, FL with CP Group’s Partner Chris Eachus and Managing Partner Angelo Bianco and Macquarie’s CEO Shemara Wikramanayake (Google Maps, CP Group, Macquarie, Getty)
Related Fund Management, CP flip portion of Las Olas Square
Related Fund Management, CP flip portion of Las Olas Square
RK Centers’ Raanan Katz and Aimco's Wes Powell with the SW corner of Northeast Fifth Avenue and Northeast Ninth Street (LinkedIn, Google Maps)
Aimco completes $100M Flagler Village dev assemblage with latest $16M deal
Aimco completes $100M Flagler Village dev assemblage with latest $16M deal
Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)
Meet the commercial brokers making bank in Miami
Meet the commercial brokers making bank in Miami
Brick & Timber's Jesse Feldman and Glenn Gilmore, Tricera Capital's Ben Mandell, and Lndmrk Development's Alex Karakhanian with Cube Wynwd (Brick & Timber, LinkedIn, Tricera, Lndmrk Development, Getty Images)
Brick & Timber to buy Cube Wynwd office building for $60M
Brick & Timber to buy Cube Wynwd office building for $60M
Ken Griffin in the center, with Brickell (right) and Palm Beach (below)
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Keiser University CEO Arthur Keiser in front of 1900 West Commercial Boulevard and 1500 Northwest 49th Street in Fort Lauderdale (Keiser University, Keenan Development Group, Getty Images)
Keiser University sells pair of Fort Lauderdale office properties for $58M
Keiser University sells pair of Fort Lauderdale office properties for $58M
arrow_forward_ios

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

Loading...