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101 NE 3rd Ave, Fort Lauder...

CBRE Facilitates Four Office Leases At Tower 101 In Fort Lauderdale
LEASED

CBRE Facilitates Four Office Leases At Tower 101 In Fort Lauderdale

101 NE 3rd Ave, Fort Lauderdale, FL...

Building Size

4,600 SF

Asset Type

Closing

Nov 22, 2023

AI

Located at 101 NE 3rd Avenue in Fort Lauderdale, Tower 101 is a 21-story Class A office building that has recently reached 90 percent occupancy. The property offers move-in ready spec suites with high-end finishes, along with amenities such as 24-hour security, a café, structured parking, and Wi-Fi-enabled common areas. Ivy Realty Services, the landlord, is also planning to add a fitness center and conference facility to the building.

Summary of transation details:

  • Property Type: Office Building
  • Transaction Amount: Not Available
  • Tenants: Ryan Transportation
  • Square Feet: 4600
  • Market: Fort Lauderdale
  • Landlord: Ivy Realty Services
  • Tenant's Rep: Rod Loschiavo (Colliers International)

CBRE, through agents John Criddle and Joe Freitas, played a crucial role in the lease negotiations representing Ivy Realty Services, the landlord of Tower 101. According to Criddle, Tower 101's strategic location provides easy access to various key locations including Interstate 95, Las Olas Boulevard, the Fort Lauderdale International Airport, and the Brightline station. Freitas highlighted the property's proximity to Flagler Village, a creative district that is increasingly popular in Fort Lauderdale. This area offers a range of amenities and ongoing multifamily development, making it an attractive location for potential tenants.

Players

Rod Loschiavo

Colliers

Broker

$62M

vol

3 deals

Broker
Ivy Realty
Ivy RealtyBrokerage
Ivy Realty
Ivy RealtyLandlord

Fort Lauderdale CRE Market Snapshot

Boundary boundary · CRE · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93