Kaplan buildings in Fort Lauderdale sell for $37M

Kaplan is the sole tenant with 193K sf
By Keith Larsen | July 09, 2019 05:30PM

1525 Northwest 62nd Street in Fort Lauderdale, Purdue University Boilermaker mascot

1525 Northwest 62nd Street in Fort Lauderdale, Purdue University Boilermaker mascot

UPDATED, July 10, 10:46 a.m.: A Kaplan property in Fort Lauderdale sold for $36.5 million.

An Illinois company sold the leasehold interest for two buildings at 1515 Northwest 62nd Street and 1525 Northwest 62nd Street, records show. Kaplan is the sole tenant with 193,000 square feet of office space at the property.

A company called 18-Chai Corporation, which is managed by lawyer Lawerence Freedman, sold the leasehold interest. The buyer is a Florida company, Cypress West LLC, which is managed by Sheldon Gross of Hillsboro Beach, records show. The city of Fort Lauderdale is the master leaseholder.

The two buildings sit next to Fort Lauderdale Executive Airport and are used as the administrative offices for Kaplan, as well as Purdue University Global, an adult online education program that is part of the Purdue University system. Purdue University Global acquired Kaplan University, a for-profit online school, in 2018. That acquisition did not include Kaplan’s other businesses.

Kaplan renewed a lease for the office space in the two buildings in 2015. The buildings are part of the Cypress Creek Concourse, a 45-acre development built in 2002.

Centerstate Bank provided a $26.6 million mortgage to the buyer, records show.

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 in Cypress Creek for $29.25 million.

Correction: An earlier version of this story stated that Kaplan University was a former tenant. Kaplan is still the tenant.