Mainstreet Capital Partners
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2101 West Commercial Blvd
Fort Lauderdale, FL


Acquisition Date: January 2006
Project Size: 93,000 square feet
Acquisition Cost: $12.5 million
Acquisition Cost
per SF:
$130
Major Tenants: Northwestern Mutual Life Insurance Company

Deal Highlights:

Mainstreet bought this Class B office building in a two-building portfolio with Crystal Corporate Center in January 2006. Located in the fast recovering Cypress Creek submarket, 2101 Commercial Boulevard was 70% leased when Mainstreet signed the purchase contract, creating the opportunity for the acquisition to take place at well below replacement cost and the then market prices. Mainstreet’s responsiveness to the market allowed it to bring the property to 85% leased prior to closing.

Within a few months, Mainstreet was able to get this building to 100% leased while increasing Net rents by over 45% from the previous Landlord. The increased NOI has allowed Mainstreet to refinance the property, which allowed the return all of the equity to its investment partners.


 
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