AGS Properties Corp., a private real estate investment firm based in South Florida, purchased the Broward Financial Centre office tower in Fort Lauderdale, FL from DRA Advisors LLC for $112 million, or about $345 per square foot.
Located in the city’s commercial business district, the 24-story, 324,429-square-foot, 4-Star building has views of the Atlantic Ocean. It was originally built in 1986 and most recently renovated in 2007. The property features on-site casual and fine dining restaurants, a conference center, and full-scale gym. The asset is 90 percent leased to a variety of tenants including Sun-Sentinel Company, Fox Sports Net Florida, Premiere Beverage Company, Northwestern Mutual, Morton’s Restaurant Group, and Charles Schwab.
The buyer financed the acquisition in part with a new $61 million mortgage loan from Morgan Stanley Mortgage Capital, Inc. on a ten-year, fixed-rate term. A team from HFF arranged financing.
