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| Trade Centre South, Cypress Creek Office Submarket, Fort Lauderdale, FL |
MIAMI, FL –– Holliday Fenoglio Fowler, L.P. (HFF) announces that
it has arranged the sale and $34.35 million financing of Trade Centre South,
a 216,038-square-foot, Class A, mid-rise office building in a transit-oriented
location within the Cypress Creek Office submarket in Fort Lauderdale, Florida.
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| Hermen Rodriguez |
The HFF team represented the seller, a partnership between DRA Advisors
LLC and Mainstreet Capital Partners.
Additionally, HFF worked on behalf of the borrower, a joint
venture between Cardinal Point Management and Halstatt Real Estate Partners, to
secure the acquisition financing from New York Life Insurance Company.
Loan proceeds were
used to acquire the property and provides additional capital for an upcoming
building renovation.
Trade Centre South comprises a six-story office building atop a four-story
parking garage that provides ample parking for tenants and visitors.
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| Ike Ojala |
The building
features attractive curtain glass exterior walls and is 87.1 percent leased to
tenants in a variety of industries, including law, technology, government,
marketing and accounting.
Situated at 100 West
Cypress Creek Road, Trade Centre South fronts Interstate 95, South Florida’s major
north-south artery, which has a daily traffic count of more than 275,000.
The property has an
integrated Cypress Creek Tri-Rail station, which provides access to Miami-Dade
and Palm Beach Counties and makes the property a transit-oriented location for
thousands of daily commuters.
It is also located in the Cypress Creek Office submarket,
which is known as a tech-oriented submarket and is proximate to a variety of
dining, lodging and amenities.
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| Chris Drew |
The HFF investment advisory team representing the seller included senior
managing director Hermen Rodriguez and senior director Ike Ojala.
The HFF debt placement team representing the borrower included senior
managing director Chris Drew, director Brian Gaswirth and
associate Matthew McCormack.
“Cardinal Point and Halstatt continue to expand their footprint in South
Florida, and this acquisition allows them to have a critical mass within the
greater Ft. Lauderdale office submarket” Gaswirth said. “The accretive
debt was a testament to the strength of the sponsorship and asset.”
DRA Advisors LLC is an investment advisor
specializing in real estate investment and management services for
institutional and private investors.
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| Brian Gaswirth |
DRA's acquisitions since
inception include 1600 properties valued at over $29 billion.
Mainstreet Capital Partners is a real estate investment and management
firm specializing in office and industrial acquisitions. Established in
1999 by Paul J. Kilgallon, Mainstreet Capital Partners seeks to
align itself with investment partners by sourcing investment opportunities in
the southeastern and southwestern United States.
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| Matthew McCormack |
Based in Tampa Bay, the firm is focused on value-add commercial and residential investment opportunities.
Cardinal Point seeks to make
investments in value-add opportunities where the firm’s property management,
asset management, and brokerage platform is a key cornerstone of successful
strategy execution.
Sample investments include the
Slade in Channelside, Riverside at Telecom Park, a 440,000 SF office portfolio
in Carillon, and Coastal Tower in Fort Lauderdale. Learn more at www.crdpt.com.
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| Paul J. Kilgallon |
Founded by the Sproul family, based in Naples, Florida, and
a proud part of the Barron Gift Collier legacy in Southwest Florida, HREP
invests in commercial and residential real estate projects.
Katie Sproul is Halstatt's CEO.
Katie Sproul is Halstatt's CEO.
HREP partners with best-in-class
local and regional sponsors to maximize the value of real assets.
HREP invests alongside a cross-section of institutional limited partners with a history of continuity from fund to fund including charitable foundations, domestic and international family offices and corporate pension funds.
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world.
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company.
HREP invests alongside a cross-section of institutional limited partners with a history of continuity from fund to fund including charitable foundations, domestic and international family offices and corporate pension funds.
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| Katie Sproul |
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company.
With over $53.1 billion in assets under management as
of September 30, 2018*, New York Life Real Estate Investors is actively seeking
to acquire additional properties throughout the U.S.
Headquartered in New York City, New York Life’s family of
companies offers life insurance, retirement income, investments and long-term
care insurance.
New York Life has the highest financial strength ratings
currently awarded to any U.S. life insurer from all four of the major credit
rating agencies**.
Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
CONTACTS:
HERMEN RODRIGUEZ
FL Lic. #SL3018820
HFF Senior Managing Director
(305) 448-1333
IKE OJALA
FL Lic. BK665573
HFF Senior Director
(305) 448-1333
CHRIS DREW
FL Lic. #SL3092190
HFF Senior Managing Director
(305) 448-1333
KIMBERLY STEELE
HFF Digital
Content/Public Relations Specialist
(713) 852-3420
JACQUELINE MERE