Slate Office REIT, an open-ended real estate investment trust, announced it has agreed to acquire Cypress Financial Center, a Class A office building in Fort Lauderdale, Florida for US$45.5 million, or US$226 per square foot and an estimated going-in cap rate of 7.4%.
The 201,305 square foot, Class A office building is located in Cypress Creek, one of the largest submarkets in Fort Lauderdale, Florida. The property is currently well-leased at 92.5% occupancy with a diversified roster of quality tenants and a weighted average lease term of 8.1 years.
Cypress Financial Center benefits from Florida’s highly attractive demographics, including strong population growth, an attractive cost of living, a large and well-educated work force and a favourable tax environment, said in the statement.
The acquisition of Cypress Financial Center is expected to be completed in the second quarter of 2020.