AD Mortgage Acquires Office Property From Cloud Software Group In Fort Lauderdale For $37M
851 West Cypress Creek Road & 899 West Cypress Creek Road
$37,000,000
$65/SF
Building Size
565,754 SF
Asset Type
Office
Closing
Aug 28, 2024
AI
The property asset involved in this transaction is located at 851 & 899 West Cypress Creek Road in Fort Lauderdale. It consists of office spaces totaling 282,877 square feet, with a sale price of $37,000,000, resulting in a price per square foot of $130.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $37,000,000
- Buyer: AD Mortgage
- Seller: Cloud Software Group
- Buyer's Representative: Keith Darby - RISE Realty
- Seller's Representatives: Rod Loschiavo & Sal Bonsignore - Colliers
- Square Footage: 282,877
- Price per Square Foot: $130
- Transaction Date: 08/28/2024
This transaction involved key individuals including Keith Darby of RISE Realty, who represented the buyer AD Mortgage, ensuring a streamlined process. The sellers, Cloud Software Group, were represented by Rod Loschiavo and Sal Bonsignore from Colliers. Max Slyusarchuk expressed appreciation for the professionalism and efficiency of the RISE Realty team in facilitating this transaction.
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
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93