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
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