Las Olas Centre sells for $204M

Las Olas Centre
Las Olas Centre

USAA Real Estate completed the $204 million sale of the Las Olas Centre in Fort Lauderdale, The Real Deal has learned.

The real estate arm of San Antonio insurance firm paid $170 million for the nearly 470,000-square-foot office complex at 350 and 450 East Las Olas Boulevard in September 2010, according to Broward County records. USAA sold the complex to RAR2 – Las Olas Centre. Broward County recorded the transaction Monday.

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RAR2 is managed by RREEF America, the real estate investment business of Deutsche Bank’s Asset Management division. The company assumed an existing loan from Wells Fargo Bank with a current balance of $57.2 million as part of the transaction.

The latest sale price falls short of the $231 million Los Angeles-based BentleyForbes paid for Las Olas Centre in 2007. That transaction set sale price and price per square foot records for the Fort Lauderdale office market. BentleyForbes eventually turned the property over to Wells Fargo to avoid losing it through foreclosure.

Current tenants at Las Olas Centre include Bank of America, JPMorgan Chase, Morgan Stanley and Wells Fargo Bank.