Deal Highlights:

Mainstreet and its joint venture partner acquired this Class B office building at a time when similar buildings in Cypress Creek were being sold for $190/SF.  Mainstreet renewed and relocated a tenant in order to create a full floor vacancy in the tightening Cypress Creek submarket. Mainstreet’s attractive basis has allowed  it to aggressively pursue leases for the remaining vacant space in the building.

The property is located on a ground lease with the City of Fort Lauderdale.  The ground lease can accommodate the development of an additional 50,000 SF of office space or 25,000 SF of retail space.