CBRE has facilitated the sale of Las Olas Square on behalf of a joint venture between funds managed by Apollo Global Management, SQUARE2 Capital, and Steelbridge Capital.
Las Olas Square is a two-building, 267,000-square-foot mixed-use property located on a full city block at the Main & Main intersection of the Las Olas office and retail district in Downtown Fort Lauderdale.
The joint venture purchased the property and excess development land in 2016 for $90 million and executed an extensive redevelopment and re-tenanting of this iconic Ft. Lauderdale asset whose tenants includes Truist Bank, Spaces, and Del Frisco’s Grill. It also had previously sold the excess development land to a national developer for $20 million, who is currently building a 50-story residential tower on the site.
The sellers were exclusively represented by Christian Lee and Andrew Chilgren with CBRE Capital Markets. Amy Julian with CBRE Debt & Structured Finance arranged financing on behalf of the buyer, a joint venture between CP Group and Related Fund Management. A fund managed by Alliance Bernstein provided the floating rate loan.
Las Olas Square includes a 17-story office tower located at 515 E. Las Olas Blvd. (515 Building), a three-story building located at 501 E. Las Olas Blvd. (501 Building), and an attached four-story parking structure. It is 88 percent leased to 17 tenants across a variety of industries, including banking, legal services, real estate, accounting, and financial services.
“The sellers returned the property to its rightful, iconic state through a multimillion-dollar, transformative renovation that activated the entire 500 block of Las Olas Boulevard. In conjunction with interior building enhancements, the addition of an outdoor tenant plaza has drastically improved the property’s curb appeal and desirability, which has attracted a high-quality and diversified tenant roster,” said Lee, CBRE Vice Chairman.
