JV Purchases Downtown Fort Lauderdale Office Building

May 04, 2017 No Comments by

HRE/Sefira Courthouse Place, LLC, a joint venture between Highline Real Estate Capital and Sefira Capital, have closed on the $13.8 million acquisition of the Courthouse Place Office Building in Downtown Fort Lauderdale.

Courthouse Place is an eight story, 66,000-square-foot Class A office building constructed in 2008 and located at 12 SE 7th Street.

This is Highline and Sefira’s second acquisition together in the past year, following last summer’s purchase of the 165,000-square-foot Cypress Point Office Park in Tampa.

 

“We continue to pursue well located assets with strong cash flow which provide additional opportunities for value enhancement.   Courthouse Place is an ideal location for law firms and other professionals who benefit from our proximity to the new Broward County Courthouse.   The majority of the vacancy in the building consists of first generation space that was never built out following the Building’s delivery in 2008.  We plan to create state of the art spec suites in order to improve occupancy and enhance the Building’s cash flow,” said David Moret, Highline’s founder.

 

 “In addition to the opportunity to add value in the near term, we are extremely excited about the long-term prospects for Downtown Fort Lauderdale and in particular the south side of the River.  Between the new Courthouse, the Wave, All Aboard Florida and the incredible amount of new retail and residential development both planned and underway, we believe this will look like an entirely different neighborhood ten years from now,”   said Mijael Attias, Sefira’s co -founder.

Highline Real Estate Capital was founded in February 2016 by long time CREC principal David Moret with a focus on acquiring value add properties throughout the Southeast.  The Courthouse Place purchase marks Highline’s third acquisition in the past ten months.   Sefira Capital was formed in September of 2015 by Mijael Attias and Aby Galsky as a boutique investment company focused on acquiring and developing commercial real estate.  Sefira has acquired/developed 9 properties since its inception with a total capitalization of more than $ 50 million USD.

Scott O’Donnell, Dominic Montazemi and Greg Miller of Cushman & Wakefield represented the seller, Courthouse Place, LLC in the sale of the project and Jason Hochman from Cushman & Wakefield’s Capital Markets Group arranged an acquisition loan for the buyers with Ready Capital.

Tim Talbot and Andy Ackerman of ComReal Fort Lauderale will handle the project leasing and CREC has been named property manager.

 

 

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