New Owners For Cypress Park West

Written by on October 9, 2013 in Done Deals, News - No comments
Cypress Park West

Stockbridge Cypress Park West LLC, managed by San Francisco-based Stockbridge Capital Group LLC, acquired Cypress Park West I and II at 6700 and 6750 N. Andrews Ave., according to Broward County records. The seller of the two buildings totaling nearly 425,000 square feet is New York-based T-C Cypress Park West LLC.

The transaction closed Sept. 27. Broward County recorded the sale Thursday. No financing was recorded.

Cypress Park West I was built in 1987. The building includes more than 127,000 square feet of Class A office space and a nearly 216,000-square-foot parking garage, according to CoStar Group. The office space is about 67 percent leased to tenants including Seitlin Insurance and Advisory Services and Claims Verification Inc.

The 115,000-square-foot Cypress Park West II was completed in 2003. It is more than 94 percent leased, according to CoStar. Microsoft Corp. occupies about 47,000 square feet. Other tenants include MSC Cruises Inc. and Regus PLC.

Stockbridge in February paid $15.1 million for retail center Palm Lakes Plaza in Margate. Its regional portfolio also includes the Reserve Shopping Center in Boca Raton, an industrial complex at 410 and 420 S. Congress Ave. in Delray Beach and the Lakes at Pembroke apartment community in Pembroke Pines.

Stockbridge is a real estate investment management firm founded 10 years ago, according to its website. The company and its affiliated adviser have about $6.4 billion in real estate assets located throughout the United States.


Source: DBR

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