Mainstreet Capital Partners
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One Financial Plaza
Fort Lauderdale, FL


Acquisition Date: November 1999
Project Size: 291,000 square feet
Acquisition Cost: $36.3 million
Acquisition Cost
per SF:
$124
Major Tenants: Regions Bank
Date Sold: March 2007
Buyer: West City Partners
Sales Price: $65 million
Sales Price per SF: $223
Investor IRR: 24%

Deal Highlights:

The acquisition included a 3.8-acre surface parking lot, which Mainstreet sold as an apartment site for $9.6 million.

Mainstreet developed a 700-car parking garage extension on this urban in-fill site as part of its overall repositioning strategy. Mainstreet received the 2001 South Florida NAIOP Renovation of the Year award after successfully completing the renovation of the building’s exterior. The renovation led to the securing of a new anchor tenant, Regions Bank. Mainstreet successfully leased the building to 90% before disposing of the asset.

Following damage by Hurricane Wilma, Mainstreet designed a system for replacing the entire building curtain wall system while maintaining 90% occupancy.


 
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