IP Capital Partners buys 110 Tower in Fort Lauderdale for $113M
Deal breaks down to $286 psf for the Class A office building
October 19, 2016 05:15PM
Cushman & Wakefield’s Mike Davis and 110 Tower
IP Capital Partners, a Boca Raton-based investment and asset management firm, paid $113 million for the 110 Tower in downtown Fort Lauderdale.
GenCap Partners investment fund Genesis Capital Partners XI sold the 30-story, nearly 395,000-square-foot office building at 110 Southeast Sixth Street, Cushman and Wakefield announced on Wednesday.
The deal breaks down to $286 per square foot for the Class A tower, built in 1988. It has 22 stories of office space, five stories of parking, two stories of mechanical space and ground floor retail and parking, according to Cushman.
The brokerage’s capital markets team, led by Mike Davis, Rick Brugge, Michael Lerner, Scott O’Donnell and Dominic Montazemi represented GenCap.
“Despite the growth in residential construction and population within the CBD, however, there is currently no new Class A office construction,” Davis said in a press release. “With growing demand and no new supply, rental rates and occupancies in the Fort Lauderdale CBD are expected to continue to grow well into the future.”
The GenCao fund invested $15 million into the building in recent years, including upgrades to its lobby, common areas, interior spaces, mechanical systems and exterior lighting system. The tower has a 110 Fitness gym, restaurants, Sabadell Bank branch and car wash, according to the release.
Earlier this year, Cushman announced it had brought on office tenants United Capital Advisors and SATO Global Solutions, bringing its occupancy up to 82 percent.
The building is across from the Broward County Courthouse in downtown Fort Lauderdale.
Just last month, JP Morgan sold the Las Olas City Centre to Deutsche Bank for $220 million, marking one of the biggest office deals in South Florida this year. In June, SunTrust sold the SunTrust Center, a 270,000-square-foot complex, for $90 million to Steelbridge Capital. – Katherine Kallergis
Source: The Real Deal