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CIP Real Estate Buys Broward Campus for $99M
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Commercial Observer
CIP Real Estate has paid $99 million for an industrial and office park in Broward County, Fla., property records show.
BMO Bank, serving as an administrative agent for a group of lenders, supplied a $66.9 million acquisition loan, which is scheduled to mature in 2029.
The sellers, an entity tied to Tiffany and Lee Lasser and others, appear to have owned the 26-acre campus since the 1990s and early 2000s.
The acquisition marks the second South Florida purchase for Irvine, Calif.-based CIP Real Estate in the past year, after it paid $47 million to acquire two small-bay warehouses in Hialeah from TA Realty.
Representatives for CIP Real Estate did not immediately respond to a request for comment, while the sellers could not be reached for comment.