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Hotel developer buys leased office building in Fort Lauderdale

Hotel developer buys leased office building in Fort Lauderdale
The building is reportedly leased until 2025
December 21, 2015 11:15AMBy Katherine Kallergis

1100 West McNab Road in Fort Lauderdale

Hostmark Hospitality Group, a Schaumburg, Illinois-based hotel developer, paid $13.75 million for an office building in Fort Lauderdale, county records show. 
Hostmark paid $166 per square foot for the building, or $46 per square foot for the land at 1100 West McNab Road. Case Holding Company, a Fort Lauderdale company managed by David Casoria, sold the property.
The 82,854-square-foot building was developed in 1970 and sits on a 6.8-acre lot, according to Broward County property records. It last sold for $3.25 million in 1998 and includes 525 parking spaces.
According to a Loopnet listing, the building is leased to ChildNet, a nonprofit community-based care agency, until May 2025. The two-story, Class B office building was listed for $15.395 million and then for a reduced $14.995 million. Michael Lapointe, Adam Greenberg and Michael Lohmann of Newmark Grubb Knight Frank were the exclusive advisers for the site, according to a listing flier, which marketed as property as an investment opportunity.
Hostmark, which has a satellite office in Miami, manages hotels and resorts in the United States and Egypt, according to the company’s website. It works with brands such as Marriott, Hilton, IHG, Wyndham and Choice. The firm also operates four restaurants in Illinois.
Hostmark financed the deal with a $6.5 million mortgage, Broward County records show.

Source: The Real Deal

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