Jan
10
Downtown Ft. Lauderdale Office Asset Trades for $41M
ByThe 342,465-square-foot property is currently 42 percent leased and is subject to a long-term ground lease owned by New York Life Insurance Co.
CBRE’s Capital Markets team has brokered the sale of the leasehold interest in a 24-story office tower and an adjacent two-story office and retail pavilion in downtown Fort Lauderdale, Fla. Facilitated by Ten-X, special servicer LNR Property Corp. sold the assets through auction to Stockbridge Capital Group in a $41.1 million deal.
Located at 110 E. Broward Blvd., the buildings encompass 342,465 rentable square feet and were constructed in 1981. The 304,411-square-foot office building underwent renovations in 1999. According to Yardi Matrix, New York Life Insurance Co. owns the ground lease on the property, with a remaining 88-year term scheduled to expire in 2105…
