Cypress Creek Property Faces Foreclosure

Jan 21, 2013 No Comments by

Cypress Creek Tower, located at 800 W. Cypress Creek Road,  is facing foreclosure. The foreclosure lawsuit was filed on January 10th against an affiliate of owner Cabot Investment Properties.

Wells Fargo Bank departed the 67,222-square-foot office building last year.

Boston-based Cabot has two other Broward County office buildings in CMBS foreclosure.

Trafalgar Plaza, located at 5300 NW 33rd Avenue in Ft. Lauderdale Uptown, which totals 110,010 square feet and 2200 W. Commercial Blvd. with 69,959 square feet were both hit with foreclosure lawsuits earlier this month.

Both properties were purchased by Cabot in 2005:  Trafalgar Plaza was purchased for $14.3 million and 2200 W. Commercial was purchased for $11.25 million in 2005.  Zimmerman & Partners Advertising is the largest tenant in the 2200 W. Commercial building, with a 45,436-square-foot lease that runs through January of 2014.

Cabot’s Preferred Exchange Tower in Coral Springs was also slapped with a $23.6 million foreclosure lawsuit last April and CRE-sources also reported last April that Cabot-owned Corporate Center in downtown Ft. Lauderdale was facing a financial crisis.

 

Source:  SFBJ

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Broward County Office, Industry News, NA, Office
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