In-Rel Properties sells downtown Fort Lauderdale office building

Investor Asuman G. Polat paid $9M for the building built in 1987

Miami /
Mar.March 13, 2019 02:30 PM

In-Rel Properties’ Kirk Cypel and 600 South Andrews (Credit: LoopNet)

Updated, March 14 2:52 p.m. A company tied to In-Rel Properties sold a six-story office building in downtown Fort Lauderdale for $9 million.

Lake Worth-based In-Rel sold the nearly 40,000-square-foot building at 600 South Andrews Avenue for $225 per square foot, records show. Asuman 57th Street LLC, led by private investor Asuman G. Polat, bought the building. It was built in 1987.

Sara Gayer of Douglas Elliman represented the buyer and seller in the deal.

The building houses a number of law offices and the bank branch of Bank OZK, one of South Florida’s most active condo construction lenders. The office property was last purchased in 1991 for $2.7 million, records show.

In-Rel Properties, a privately held real estate investment firm, owns a number of commercial properties across the Southeast, including the 200 Lake Avenue office building in Lake Worth. It also owns the 4100 Okeechobee Building in West Palm Beach.

In September, Asuman bought three commercial buildings in Coral Springs, including the Waterway Shoppes, for $42.95 million. The same month, Asuman sold a development site at 41 West 57th Street in New York City for $80 million to Turkish developer Sedesco.

Downtown Fort Lauderdale has seen a big uptick in new investment over the past few years.

According to a report by Colliers International South Florida, office rents skyrocketed from an average of $10 per square foot in 2013 to $34 per square foot in 2018. The average rent per month for a one-bedroom apartment increased by $200 to $1,954 during the same time period.


Related Articles

arrow_forward_ios
MG3 Group executives Marcelo Saiegh, Hernan Leonoff and Gustavo Bogomolni with the Doral Concourse at 8400 Northwest 36th Street (Photos via MG3, Cushman & Wakefield)
Here’s what tenants pay at MG3 REIT’s Doral Concourse
Here’s what tenants pay at MG3 REIT’s Doral Concourse
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
arrow_forward_ios

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

Loading...