Butters Construction & Development Acquires 12.55-Acre Office Property In Tamarac For $16.2M
5601 Hiatus Road
$16,230,000
$160/SF
Building Size
100,980 SF
Asset Type
Office
Closing
Dec 6, 2021
About this deal
AI
Butters Construction & Development, in partnership with Malcolm Butters and BlackRock, has acquired a 12.55-acre office property located at 5601 North Hiatus Rd in Tamarac. The property, listed by Bridge Investment Group, was purchased for a total amount of $16,230,000. Spanning over 100,980 square feet, the property was sold at an average price of $161 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $16,230,000
- Address: 5601 North Hiatus Rd
- Market: Tamarac
- Acres: 12.55
Cushman & Wakefield represented the parties involved in the transaction as the brokers. The acquisition by Butters Construction & Development, alongside Malcolm Butters and BlackRock, marks an important development in the office property market in Tamarac. This successful deal demonstrates the continued growth and investment in the area.
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
0.98%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93