Toronto REIT to buy Cypress Creek office building for $46M
The property last sold for $33M in 2014
UPDATED, March 11, 10:40 a.m.: Slate Office REIT is planning to buy Cypress Financial Center in Fort Lauderdale for $45.5 million.
The Toronto-based REIT announced it will buy the 201,305-square-foot office building at 5900 North Andrews Avenue for $226 per square foot. Steelbridge CFC LLC, tied to Miami-based Steelbridge Capital, is the seller.
The acquisition is expected to be completed in the second quarter, according to a press release.
The property last sold for $32.5 million in 2014, records show.
Rents at the property are currently 14.5 percent below market, according to the release.
Cypress Financial Center is currently 92.5 percent occupied, with tenants such as City National Bank, Marcus & Millichap, TD Bank, and Altadis.
JLL’s Hermen Rodriguez, Matthew McCormack and Ike Ojala marketed the property for sale.
Slate Asset Management is a real estate focused alternative investment platform with over $6.5 billion in assets under management.
Cypress Creek is one of South Florida’s largest business districts. Tech companies such as Microsoft and Citrix Systems lease office space in the district. Investors are eying the area as Fort Lauderdale becomes a more popular destination for new tech companies.
In July, an Illinois company sold the leasehold interest for two buildings in Cypress Creek at 1515 Northwest 62nd Street and 1525 Northwest 62nd Street for $36.5 million. In February, YMP Real Estate Management acquired the 237,682-square-foot Lakeshore Business Center in Cypress Creek for $29.25 million.