Las Olas City Centre sells for $220 Million

Las Olas City Centre

Las Olas City Centre has sold to Deutsche Bank for $220 million as reported by The Real Deal. Located at 401 East Las Olas Boulevard, 401 East Las Olas LLC sold the Class A Fort Lauderdale property to TAF gg Las Olas LP, an affiliate of Deutche Bank’s asset management arm RREEF Property Trust in a deal financed with a $100 million mortgage from Wells Fargo. Las Olas City Centre is a 23-story, 725,898 SF,  LEED Gold certified, mixed-use commercial building with office space and retail built in 2002. Major tenants are Bank of America and Patriot National. Average rent at Las Olas City Centre is around $47 SF and there is about 408,064 SF of leasable space as per the CoStar Group. JP Morgan purchased the building in 2011 for $164 million and reported a 6.3% cap rate.