Manhattan-based real estate investment firm Praedium Group has paid $14.5 million to acquire a 137,935 sq. ft. Fort Lauderdale office building. Praedium Group bought the property in a joint venture with Fort Lauderdale-based Mainstreet Capital Partners, Inc. Both privately held firms invest institutional capital into under performing assets.
The sale price on the 84% occupied property equals $105 per sq. ft. The Praedium joint venture will inherit additional retail and office development rights on the property.
“We are focused on growing our South Florida portfolio. Cypress Executive Center will be a good addition,” says Mark Lippmann, vice president at Praedium Group. “We are expecting to add an additional 1 million sq. ft. within the year.”