Two More Cabot Properties Headed To Auction

Two office properties in Fort Lauderdale are headed to auction over a $22.9 million foreclosure judgment.
DMARC 2006-CD2 Broward Facilities LLC, representing a commercial mortgage-backed securities (CMBS) trust, won the judgment against Cabot Trafalgar/Avon, an affiliate of Boston-based Cabot Investment Properties, over a $19.7 million mortgage, plus interest and fees.
The 110,010-square-foot office complex in two buildings at Trafalgar Plaza, located at 5300 N.W. 33 rd Ave., and the 69,959-square-foot office at 2200 W. Commercial Blvd. are set for online auction May 28.
Zimmerman & Partners Advertising was previously the main tenant in the latter building but it relocated to a larger office in the city.
Combined, the office buildings generated net operating income of $1.7 million on revenue of $3.1 million in 2011, according to CMBS analysis firm Trepp LLC. The larger buildings were bought for $14.3 million in 2005 while the smaller building was purchased the same year for $11.25 million. The properties were recently appraised at $10.3 million, according to Trepp.
Cabot previously lost two other Broward County office buildings to foreclosure:  Cypress Creek Tower and  and what was then known as Preferred Exchange Tower, which Butters and Bristol Group has recently purchased and renamed University Place at City Center.
Cabot has another office building in downtown Fort Lauderdale, Corporate Center, tied up in a foreclosure lawsuit.
 
Source:  SFBJ
 

 

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