A joint venture between Cardinal Point Management and Halstatt Real Estate Partners paid $41 million for Trade Centre South in Fort Lauderdale, The Real Deal has learned.
Bobby Sullivan, principal of Hallstatt Real Estate Partners, provided the sale price. The purchase highlights the continued demand for Class A office properties in South Florida.
San Diego-based RA Advisors and Fort Lauderdale-based Mainstreet Capital Partners sold the 216,038-square-foot office building at 100 West Cypress Creek Road for $162 per square foot. The firms acquired the building in 2011 for $22 million, property records show. It was built in 1986.
Tampa-based Cardinal Point Management and Naples-based Halstatt Real Estate Partners financed the purchase with a $34.35 million loan from New York Life Insurance Company. The loan allows for additional funding for renovations.
Holliday Fenoglio Fowler’s Hermen Rodriguez and Ike Ojala represented the seller. The HFF debt placement team of of Chris Drew, Brian Gaswirth and Matthew McCormack represented Cardinal Point Management and Halstatt Real Estate Partners in the financing.
The office building is 87.1 percent leased, according to a release. Several new tenants signed leases last year, including the Broward Metropolitan Planning Organization.
The Cypress Creek office market has a number of major office tenants including Microsoft and Citrix Systems. In February, YMP Real Estate Management acquired the 237,682-square-foot Lakeshore Business Center for $29.25 million in Cypress Creek.