North Miami Beach real estate firm, Sefira Capital, has closed on the purchase of a Class A office building in Fort Lauderdale for $13.7 million. The seller, Morning Calm Management, paid $991,000 for the land in 2005 and developed the building two years later at 12 Southeast Seventh Street. The 66,300 sqf asset, Courthouse Place, was 72 percent leased at the time of sale with notable tenants including Krupnick Campbell Malone Buser Slama Hancock Liberman, Legacy Bank of Florida and Apex Reporting Group. Cushman and Wakefield represented the seller in the disposition and secured a $11.88 million non-recourse loan for the buyer from a balance sheet bridge lender. The loan includes funding for leasing costs and capital improvements over the next several years with payments on an interest-only basis.
“The Fort Lauderdale CBD is undergoing an unprecedented transformation due to the amount of development, which is now extending into the area south of the river,” said Executive Director Scott O’Donnell, Cushman and Wakefield. “Strategically located just one block south of the brand new Broward County Courthouse building, Courthouse Place was a value-add opportunity for investors”
