2005 Transactions
Tremont Arranges Sale
of $16,780,000 Florida Office Building
Tremont
Realty Capital arranged the sale of International Place,
a 93,652 SF office building in Sunrise, FL. The four-story,
Class-A office building is located in the Sawgrass Corporate
Park, in the Fort Lauderdale submarket and is 95% leased
to major tenants including Sprint, Cigna, and Union Bank.
Dennis Walsh, a Senior Director with Tremont arranged the sale. The $16,780,000 purchase
price represents an 8.3% cap rate. The buyer, an open-ended
institutional real estate fund, assumed the existing loan.
According to Walsh, "The transaction
was the result of an investment banking engagement related
to recapitalizing the equity in the asset. Due to the high
quality of the asset, credit-oriented rent roll, and strong
market fundamentals, we knew there would be strong demand
for an asset of this nature. After determining the needs
of the owner and prospective investor, an outright sale
was negotiated. From start to finish we were done in 45
days."
For additional information on this transaction,
please contact:
Dennis Walsh
Senior Director
Email: dwalsh@tremontcapital.com
Phone: 617.867.0700 x782
-copy.gif)
