Cypress Corporate Center Acquires Office Property In Fort Lauderdale For $17.5M
1901 West Cypress Creek Road, Fort Lauderdale, FL, USA
$17,500,000
$124/SF
Building Size
140,999 SF
Asset Type
Office
Closing
Dec 21, 2020
About this deal
AI
A Fort Lauderdale office building located at 1901 W. Cypress Creek Road has been sold for $17,500,000. The transaction took place on December 22, 2020. The property, known as Cypress Corporate Center, spans 140,999 square feet and has a price per square foot of $124. The buyer of the property is Cypress Corporate Center, while the seller is ICM (VII) Cypress LP.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $17,500,000
- Square Footage: 140,999
- Price per Square Foot: $124
- Address: 1901 W. Cypress Creek Road, Fort Lauderdale
The deal was facilitated by brokers Tyler S. Kuhlman and Douglas K. Mandel from Marcus & Millichap.
The property is situated on a municipal ground lease owned by the City of Fort Lauderdale. The lease has approximately 50 years remaining.
Players
Fort Lauderdale Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.91%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93