{"id":1004258093,"date":"2018-08-16T05:23:49","date_gmt":"2018-08-16T13:23:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004258093"},"modified":"2022-12-08T12:36:14","modified_gmt":"2022-12-08T20:36:14","slug":"cardinal-point-soars-into-south-fl","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cardinal-point-soars-into-south-fl\/","title":{"rendered":"Cardinal Point Soars Into South FL"},"content":{"rendered":"<p>By Jeff Hamann<\/p>\n<div id=\"attachment_1004258096\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Coastal-Tower.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004258096\" data-attachment-id=\"1004258096\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cardinal-point-soars-into-south-fl\/coastal-tower\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Coastal-Tower.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Coastal Tower\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Coastal Tower&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Coastal-Tower.jpg?w=800\" class=\"wp-image-1004258096 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Coastal-Tower.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Coastal-Tower.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Coastal-Tower.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Coastal-Tower.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004258096\" class=\"wp-caption-text\">Coastal Tower<\/p><\/div>\n<p>Cardinal Point Management has acquired Coastal Tower, a 261,676-square-foot Class A office property in Fort Lauderdale, Fla. The seller, CalSTRS, traded the asset for $47.5 million, according to Yardi Matrix.<\/p>\n<p>HFF secured $41 million in acquisition financing for the buyer, which plans to utilize part of the loan proceeds to renovate the LEED Silver building. New York Life Insurance Co. holds the four-year mortgage.&nbsp;<\/p>\n<p>In January, an office building 3 miles southwest of Coastal Tower <a href=\"https:\/\/www.commercialsearch.com\/news\/cw-arranges-18m-office-sale-in-fort-lauderdale\/\">traded for nearly $18 million<\/a>.<\/p>\n<p>Located at 2400 E. Commercial Blvd. in the North Fort Lauderdale submarket, the structure rises 12 floors approximately 1 mile west of the Atlantic coast. The property is across the street from Holy Cross Hospital and is positioned along the North Federal Highway retail corridor.<\/p>\n<p>Built in 1983, Coastal Tower is home to a mix of tenants, including USI Insurance, Collateral Management, Morgan Stanley and Mass Mutual. The building\u2019s amenities include a fitness center, complimentary Wi-Fi, an on-site caf\u00e9 and a covered parking ratio of four spaces per 1,000 square feet. The property was last renovated in 2008.<\/p>\n<p><em>\u201cAfter searching for opportunities for some time, we are excited to enter the South Florida office market and look to further bolster our portfolio through future acquisitions,\u201d<\/em> said Gregory Williams, principal of Cardinal Point, in a prepared statement. <em>\u201cThe high barriers to entry coupled with strong market fundamentals and growth in greater Fort Lauderdale attracted us to the property.\u201d<\/em><\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CalSTRS traded the Class A, LEED Silver office building for nearly $50 million. The buyer plans to renovate the asset, which was built in 1983.<\/p>\n","protected":false},"author":861,"featured_media":1004258096,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,1492,21742,21747],"tags":[40376,36351,41621,32792,32779,36276],"class_list":["post-1004258093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-miami","category-latest","category-office","tag-calstrs","tag-capital-improvement","tag-cardinal-point-management","tag-hff","tag-leed","tag-new-york-life-insurance-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cardinal Point Soars Into South FL - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cardinal-point-soars-into-south-fl\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cardinal Point Soars Into South FL\" \/>\n<meta property=\"og:description\" content=\"CalSTRS traded the Class A, LEED Silver office building for nearly $50 million. The buyer plans to renovate the asset, which was built in 1983.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cardinal-point-soars-into-south-fl\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-16T13:23:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:36:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Coastal-Tower.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Hamann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cardinal-point-soars-into-south-fl\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cardinal-point-soars-into-south-fl\\\/\"},\"author\":{\"name\":\"Jeff Hamann\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9dada606742ec2aa010683bdabf468f4\"},\"headline\":\"Cardinal Point Soars Into South FL\",\"datePublished\":\"2018-08-16T13:23:49+00:00\",\"dateModified\":\"2022-12-08T20:36:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cardinal-point-soars-into-south-fl\\\/\"},\"wordCount\":252,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cardinal-point-soars-into-south-fl\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/08\\\/Coastal-Tower.jpg\",\"keywords\":[\"CalSTRS\",\"Capital improvement\",\"Cardinal Point Management\",\"HFF\",\"LEED\",\"New York Life Insurance Company\"],\"articleSection\":[\"Deals\",\"Finance\",\"Investment\",\"Miami\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cardinal-point-soars-into-south-fl\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cardinal-point-soars-into-south-fl\\\/\",\"name\":\"Cardinal Point Soars Into South FL - 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