CBRE Secures $30.2M Loan For Cornerstone One Office Building In Plantation Florida
1200 South Pine Island Road
$30,200,000
$177/SF
Building Size
170,000 SF
Asset Type
Office
Closing
Jan 7, 2025
About this deal
AI
Cornerstone One is a 170,000-square-foot office building located at 1200 South Pine Island Road in Plantation, FL. The property is currently associated with a loan amount of $30,200,000, facilitating enhancements to the building's facilities.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $30,200,000
- Landlord: Robert Turner, Charles Davidson III & Fred Henritze - The Brookdale Group
- Brokers: Amy Julian & Andrew Chilgren - CBRE
- Date: 01/07/2025
- Asset Size: 170,000 SF
- Market: Plantation
The Brookdale Group, comprised of Robert Turner, Charles Davidson III, and Fred Henritze, acquired the property in 2023. Following nearly 90,000 square feet of leasing executed in two years, significant upgrades are planned including a lobby overhaul and new speculative suites.
On the Map
$30,200,000
$177/SF
Office
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Plantation Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93