Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar Negotiated the Sale of the ±66,426-SF Office Building in the Fort Lauderdale CBD on Behalf of an Affiliate of Highline Real Estate Capital and Sefira Capital
FORT LAUDERDALE, FL, March 2, 2020 — Cushman & Wakefield has arranged the sale of Courthouse Place, a ±66,426-square-foot office building located one block from the Broward County Judicial Complex in the Fort Lauderdale CBD.
Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar represented HRE/SEFIRA Courthouse Place, LLC, a joint venture between Miami-based Highline Real Estate Capital and Sefira Capital, in the disposition. New Haven, CT-based ABCD Courthouse Place, LLC acquired the asset for $18.2 million ($274 per square feet).
The current sale represents a 33% increase in value recognized by the Highline/Sefira partnership over their $13.7 million purchase price when they acquired the asset in a transaction negotiated by the O’Donnell, Miller, Montazemi and Alcivar team less than three years ago.
According to Highline President David Moret, “We were able to increase the income and value of Courthouse Place by completing selected building upgrades and a spec space leasing program targeting law firms and associated businesses who were attracted to the building’s proximity to the Broward County Judicial Complex.”
Notable tenants at Courthouse Place include Krupnick Campbell Malone Buser Slama Hancock, the Florida State Attorney’s office, Legacy Bank of Florida and the Law Firm of Gary M. Singer.
Courthouse Place is located at 12 SE 7th St. on a ±0.6-acre site one block south of the 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 are currently ±5,379 new residential units, ±560 hotel rooms and ±174,878-square-feet of retail under construction in the Fort Lauderdale CBD, and more in the development pipeline either approved or in review.
“Courthouse Place is uniquely positioned as a high-quality office asset with a structured parking podium that is geared toward small- to mid-size legal firms who want to be within walking distance to the newly constructed Broward County Courthouse,” said O’Donnell. “The locational benefits for the property are undisputed, and the CBD south of the New River is only improving with the recent and planned developments to increase residential density, retail space and infrastructure.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.