The Cushman & Wakefield Capital Markets Team of Scott O’Donnell, Dominic Montazemi, Greg Miller and Jason Hochman Brokered the Sale of the ±66,000-SF Asset and Secured an $11.88M Loan for the Buyer
FORT LAUDERDALE, FL, May 8, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Courthouse Place, a 66,260-square-foot, Class A office building in the Fort Lauderdale central business district (CBD).
Executive Director Scott O’Donnell, Managing Director Dominic Montazemi and Senior Associate Greg Miller, with assistance from the Cushman & Wakefield office leasing team of Executive Director Deanna Lobinsky and Executive Director Travis Herring, represented Courthouse Place Building Owner, LLC, an affiliate of West Palm Beach, FL-based Morning Calm Management, LLC, in the disposition. HRE/SEFIRA Courthouse Place, LLC acquired the asset for $13.7 million ($207 per square feet).
Cushman and Wakefield procured an $11.88 million non-recourse loan for the buyer from a balance sheet bridge lender. The loan includes funding for leasing costs and capital improvements over the next several years with payments on an interest-only basis. Senior Director Jason Hochman of Cushman & Wakefield’s Equity, Debt and Structured Finance group sourced the loan.
Courthouse Place is an eight-story office building developed in 2007. The asset features three stories of premium office space atop a five-story parking garage. The building offers extraordinary top-floor views and was constructed to the latest hurricane code standards.
Courthouse Place was 88 percent leased at the time of sale. Notable tenants include Krupnick Campbell Malone Buser Slama Hancock Liberman, Legacy Bank of Florida and Apex Reporting Group.
Courthouse Place is located at 12 SE 7th Street on a 0.6-acre site one block south of the new 20-story, 730,000-square-foot Broward County Courthouse. This location appeals to legal tenants and offers exceptional access to Interstate 95, public transportation and Fort Lauderdale’s dynamic downtown core. There have been more than 2,700 new residential units and 130,000-square-feet of retail recently completed or under construction in the Fort Lauderdale CBD, with over twice that number of units approved or under review.
“The Fort Lauderdale CBD is undergoing an unprecedented transformation due to the amount of development, which is now extending into the area south of the river,” said O’Donnell. “Although strategically located just one block south of the brand new Broward County Courthouse building and being 88 percent leased today, Courthouse Place still provided a value-add opportunity for investors given the near-term rollover.”
The South Florida Commercial Team of O’Donnell, Montazemi, Miguel Alcivar, Miller and Hochman closed more than $524 million in sales and financing in 2016. Please visit www.southfloridacommercialteam.com for more information about the team.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.