HS Capital buys Fort Lauderdale office building for $18M

Seller bought the building for $11M in 2015

Miami /
Dec.December 23, 2020 05:30 PM
ICM CEO Bruce Timm and HS Capital Fund CEO Harry Spitzer with 1901 West Cypress Creek Road, Fort Lauderdale (Google Maps)

ICM CEO Bruce Timm and HS Capital Fund CEO Harry Spitzer with 1901 West Cypress Creek Road, Fort Lauderdale (Google Maps)

A Miami-based real estate investment fund paid $17.5 million for a Fort Lauderdale office building.

An affiliate of HS Capital Fund bought the 141,000-square-foot building at 1901 West Cypress Creek Road, according to a press release. That equates to $124 per square foot.

The six-story building also has the address 1901 Northwest 62nd Street, according to records. An affiliate of ICM Asset Management sold the building. ICM is based in Calgary, Alberta, and led by Bruce Timm.

ICM paid $10.9 million for the building in 2015. It was constructed in the 1980s, and ICM invested about $1.3 million in improvements to the building after the purchase, according to the release.

Marcus & Millichap’s Douglas Mandel, Tyler S. Kuhlman and Richard Redmond had the listing.

Tenants include shipping company TQL, Humana and Delphi Behavioral Health Group, according to their websites. An online listing for office space in the building asks $15.50 a square foot triple net for rent.

HS Capital, led by Harry Spitzer, owns and manages property in New York, New Jersey and Florida.

Other recent office market deals in Fort Lauderdale include Slate Office REIT buying Cypress Financial Center for $45.5 million, and Bridge Investment Group selling the Bayview Corporate Tower for $82.5 million.





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