Vision Properties pays $44M for Cypress Creek offices

Seller bought building for $33M in 2014

Vision Properties’ Fred Arena and Steelbridge’s Gavin Campbell with 5900 North Andrews Avenue (Google Maps)
Vision Properties’ Fred Arena and Steelbridge’s Gavin Campbell with 5900 North Andrews Avenue (Google Maps)

The Fort Lauderdale home of Marcus & Millichap has a new landlord after a failed purchase last year.

An affiliate of Tampa-based Vision Properties paid $44.2 million for the offices at 5900 North Andrews Avenue, called the “Cypress Financial Center,” according to records. Vision is led by Fred Arena.

The seller is an affiliate of Steelbridge Capital, an Evanston, Illinois-based real estate private equity firm. Steelbridge is led by Gavin Campbell.

Slate Office REIT originally had the 11-story complex under contract last year for $45 million, Slate announced in March. The deal, however, fell apart by May “as certain of the conditions to closing were not satisfied,“ according to Slate’s first quarter of 2020 earnings report. Slate has offices in Toronto and Chicago and is led by Steve Hodgson.

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The 201,000-square-foot building was built in the 1980s. Steelbridge bought the building for $32.5 million in 2014, records show.

Tenants in the building include Marcus & Millichap, Modis, PRIME Education, Altadis USA and the law firm of McConnaughhay, Coonrod, Pope, Weaver & Stern, according to their websites.

Available leases in the building range from 2,000 square feet to 20,000 square feet at $21.50 a square foot, according to an online listing.

Recent office deals in Fort Lauderdale include a Miami-based real estate investment fund paying $17.5 million for a 141,000-square-foot building, and Bridge Investment Group selling the Bayview Corporate Tower for $82.5 million.