Joint Venture Acquires 351,705 SF Office Tower in Fort Lauderdale for $108.5M
FORT LAUDERDALE, FLA. — A joint venture has acquired 1 East Broward, a 351,705-square-foot office tower in Fort Lauderdale, for $108.5 million. The joint venture, titled 1 East Broward Owner LLC, comprises affiliates of NAI/Merin Hunter Codman and PCCP LLC.
The property is located on the northeast corner of Broward Boulevard and Andrews Avenue across from the new Brightline Rail Station in the heart of downtown Fort Lauderdale.
The asset consists of a 19-story building and a five-story building connected by a covered sky bridge to a four-story parking structure, which provides 772 covered parking spaces to office tenants.
The building recently underwent an extensive renovation — with over $4.9 million invested since the beginning of 2013 — and serves as the new U.S. headquarters for KEMET Corp., a publicly traded global supplier of electronic components. Additional tenants include Becker & Poliakoff; Quintairos, Prieto, Wood & Boyer PA; McGlinchey Stafford; and Hinshaw & Culbertson LLP.
NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward.
“With its strategic location adjacent to the Brightline Rail Station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural development taking place in Flagler Village, 1 East Broward offers its tenants an ideal corporate home with easy access to everything that is happening in Fort Lauderdale and South Florida,” says Neil Merin, chairman of NAI/Merin Hunter Codman.
Christian Lee and José Lobón of CBRE brokered the transaction on behalf of the seller, Ivy Realty. Amy Julian, Dung Lam and Corey Winsett of CBRE also secured $77.5 million in acquisition financing through SunTrust Bank on behalf of the buyer.
Kapp Morrison LLP provided legal counsel to the seller, while Shutts and Bowen provided legal counsel to the buyer in the transaction.
— Katie Sloan