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Mel Landow Foundation Acquires Office Building From Nova Southeastern University For $15M In Fort Lauderdale

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SOLD
$15,000,000

Florida

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Office63,746 SF
Sold 07/26/2024
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Property Image
SOLD

Mel Landow Foundation Acquires Office Building From Nova Southeastern University For $15M In Fort Lauderdale

3100 Southwest 9th Avenue

See Similar Deals
Office63,746 SF
Sold 07/26/2024
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$235
Total Square Footage:63,746 SF
Transaction Type:Sale

The property asset involved in this transaction is located at 3100 Southwest 9th Avenue in Fort Lauderdale. The office asset spans a total square footage of 63,746, with a price per square foot of $235, leading to a total sale price of $15,000,000.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $15,000,000
  • Address: 3100 Southwest 9th Avenue
  • Market: Fort Lauderdale
  • Square Footage: 63,746
  • Price Per Square Foot: $235
  • Buyer: Mel Landow Foundation
  • Seller: Nova Southeastern University
  • Brokers: Zachary Talbot & Adam Talbot - Cresa

The deal was facilitated by brokers Zachary Talbot and Adam Talbot from Cresa, representing the parties in this transaction. The involvement of the Mel Landow Foundation as a buyer highlights the interest in office properties in the Fort Lauderdale area.

Players

Zachary Talbot
8 deals$15M volume
BROKER

Adam Talbot
Cresa
7 deals$15M volume
BROKER

Details

SOLD
IMAGE: Zachary Talbot & Adam Talbot DATE: 07/26/2024 ADDRESS: 3100 Southwest 9th Avenue MARKET: Fort Lauderdale ASSET TYPE: Office BUYER: Mel Landow Foundation SELLER: Nova Southeastern University (@NSUFlorida) BROKERS: Zachary Talbot & Adam Talbot - Cresa (@CresaGlobal) SALE PRICE: $15,000,000 SF: 63,746 ~ PPSF: $235

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
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