Southpointe I is a 135,819-sf, class A office building that is 100% leased to the General Services Administration and currently occupied by the Fort Lauderdale District Office of the Internal Revenue Service. Southpointe II, a 79,464-sf, class A, multi-tenant office building, houses the Centex Construction Group.
Hermen Rodriguez, senior director, and Manuel de Zárraga, senior managing director, in Holliday Fenoglio Fowler's Miami office, along with Jim Batjer, senior director in the firm's Dallas office, arranged the sale as exclusive agents for Centex Development Co.
Both buildings were sold subject to existing mortgage loans, which were assumed by the buyer. Holliday Fenoglio Fowler also helped the buyer manage the loan assumption process, which involves two institutional lenders.
Southpointe I has a $17.4 million loan issued by a life insurance company, and Southpointe II has an $8 million loan issued by a conduit. These loans expire in 2009 and 2011, respectively.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
