Los Olas Centre Sells for $170M

FT. LAUDERDALE, FL-The Las Olas Centre, a two-building office complex spanning 469,353 square feet in the Las Olas corridor, has sold for $170 million. San Antonio-based USAA Real Estate Company affiliates US Republic Core Fund and U.S. Premier Office Equities purchased the towers from BF Las Olas, LLC, an entity of Wachovia/Wells Fargo.

BentleyForbes paid $230.9 million for the complex in 2007, but lost the property to foreclosure after defaulting on a $166 million loan to Wells Fargo. USAA Real Estate paid about $362 for the towers, more than $100 a foot less than some analysts expected. Still, the class A property is the highest-priced office building transaction in South Florida this year.