JLL completes $44.2M sale of Cypress Financial Center
Premier 201,305-square-foot, Class A office tower in Ft. Lauderdale, Florida
MIAMI – Feb. 1, 2021 – JLL Capital Markets announced today that it has closed the $44.2 million sale of Cypress Financial Center, a premier 201,305-square-foot, Class A office tower in Ft. Lauderdale, Florida.
JLL represented the seller, a joint venture between funds managed by Apollo Global Management, Square2 Capital and Steelbridge Capital, while procuring the buyer, Vision Properties. This is the second sale of the asset for Steelbridge principals, who bought the asset originally in 1998 and sold it in 2006.
Cypress Financial Center is located at 5900 N. Andrews Ave., close to downtown Fort Lauderdale and Fort Lauderdale International Airport in the Cypress Creek submarket. Considered one of the most highly visible office properties in South Florida, the building has 250 feet of frontage along I-95, one of South Florida’s most heavily traveled roadways, with a daily traffic count of more than 280,000 vehicles per day. Additionally, the transit-oriented property offers direct ingress/egress to the Interstate providing connectivity throughout South Florida, and is located across from the Cypress Creek Tri-Rail station and adjacent to the Ft. Lauderdale Executive Airport.
The 11-story office tower recently underwent a comprehensive, multi-year renovation and offers top-of-the-line office space, a six-level 785-space parking garage and unobstructed views in all directions. Cypress Financial Center is 90%+ leased and is anchored by Hayes Medical Staffing.
The JLL Capital Markets team representing the seller included Senior Managing Director Hermen Rodriguez, Managing Director Ike Ojala and Director Matthew McCormack.
“Cypress Financial Center is an exciting trade, demonstrating the strong investor interest for a Broward County premier asset,” Rodriguez said. “Previous ownership repositioned the asset from a physical and financial standpoint making this a sensational investment for Vision Properties.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Square2 Capital
Square2 Capital is an investment management company based in Miami that invests and operates throughout Florida and the Southeast. Square2 operates with the belief that real estate investing should be transformational, which is defined as “a thorough or dramatic change in form or appearance.” By building on Square2’s deep industry expertise and multi-cycle track record as a seasoned owner/operator, the firm aggressively targets on and off market investments that allow it to implement strategies to modify an asset’s financial form or physical appearance. For more information, please visit: s2c.com.
About Steelbridge Capital
Steelbridge Capital is a real estate private equity firm that invests in single and multi-tenant properties nationwide. Steelbridge uses proprietary analytics to identify assets and markets with true competitive advantages that have been temporarily discounted due to inefficiencies in the real estate capital, operating or information markets or where values can be significantly enhanced through redevelopment and repositioning through best in class and aligned local management and leasing teams. For more information please visit steelbridge.com.
About Vision Properties
Vision Properties is a full-service commercial real estate firm with assets spanning the East Coast to the Rocky Mountain region. Through its flexible investment platform, Vision’s primary mission is to build lasting value for its investors through a strategic alignment of goals and commitment to excellence. vision-properties.com