Holliday Fenoglio Fowler, L.P. (HFF) has arranged the sale and $34.35 million financing of Trade Centre South, a 216,038-square-foot, Class A, mid-rise office building within the Cypress Creek Office submarket in Fort Lauderdale, Florida.
Trade Centre South comprises a six-story office building atop a four-story parking garage that provides ample parking for tenants and visitors.
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.
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.
“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.”