JLL completes $44.2M sale of Cypress Financial Center

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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