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Vision Properties Acquires Office Building In Fort Lauderdale For $44.2M With Steelbridge Capital As Seller

Property Image
SOLD
$44,200,000

Florida

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Office201,000 SF
Sold 01/29/2021
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Property Image
SOLD

Vision Properties Acquires Office Building In Fort Lauderdale For $44.2M With Steelbridge Capital As Seller

5900 North Andrews Avenue, Fort Lauderdale, FL, USA

See Similar Deals
Office201,000 SF
Sold 01/29/2021
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$219
Total Square Footage:201,000 SF
Transaction Type:Sale

Located at 5900 N. Andrews Avenue in Fort Lauderdale, this office building was recently sold in a transaction that closed on January 29, 2021. The property, measuring 201,000 square feet, was sold for a total price of $44,200,000, resulting in a price per square foot of $220. Vision Properties, represented by Fred Arena, purchased the office asset from Steelbridge Capital, represented by Gavin Campbell.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $44,200,000
  • Address: 5900 N. Andrews Avenue
  • Market: Fort Lauderdale
  • Buyer: Vision Properties - Fred Arena
  • Seller: Steelbridge Capital - Gavin Campbell
  • Square Footage: 201,000
  • Price per Square Foot: $220

The sale of 5900 N. Andrews Avenue in Fort Lauderdale was facilitated by Fred Arena from Vision Properties representing the buyer and Gavin Campbell from Steelbridge Capital representing the seller. This transaction marks a significant milestone in the office market in the area, with both parties involved in the deal demonstrating their expertise in navigating successful property transactions.

Players

6 deals$396.6M volume
BUYER

SELLER

Details

SOLD
IMAGE: Fred Arena & Gavin Campbell DATE: 01/29/2021 ADDRESS: 5900 N. Andrews Avenue MARKET: Fort Lauderdale ASSET TYPE: Office BUYER: Vision Properties - Fred Arena SELLER: Steelbridge Capital - Gavin Campbell PRICE: $44,200,000 SF: 201,000 ~ PPSF: $220

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

$2,357,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$157,033.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$209,530.55
Annual Debt Service$2,514,366.60