$4.55M Acquisition Loan on Fort Lauderdale's Coral Ridge Office Center

The June 2026 trade of Coral Ridge Office Center is office price discovery in a single county file. The three story Federal Highway building was listed for sale at $9,999,999, reduced to $8,500,000, and closed off market at a recorded $6,959,100 on June 2, 2026, roughly 55 percent leased at sale per the brokerage announcement. Two days later Locality Bank recorded a $4,550,000 acquisition mortgage for buyer NRNS Acquisition 3696 N Federal Highway LLC, a Florida entity in the 2026 filing series.

The building itself is straightforward Class B professional office: three stories built in 1989 on 1.37 acres in the Coral Ridge area, 37,636 square feet per county records with about 32,445 rentable per marketing materials, Federal Highway signage, two elevators, and 143 parking spaces. The tenant roster anchors on an operating bank branch, Evermore Bank's main office, with N.E.G. Property Services, a mortgage branch, and a family office among the professional tenants. The sale marketing pitched below market rents and lease up as the business plan.

The debt history mirrors the building's uneventful institutional life: a $4,600,000 mortgage at construction in 1987, a Heller instrument in the 1990s, and two decades of Northern Trust private banking paper from 2005 through a 2018 modification. The new loan is the first recorded debt on the property in eight years.

The lender is the newest name in the record: Locality Bank, a digital first community bank headquartered in Fort Lauderdale and focused on South Florida small and mid sized businesses, with commercial real estate, construction, and SBA lending among its published lines. Both of its tracked closings on LoanList are in the Broward market. This loan ranks 21st of 31 tracked Broward closings, in an office band that includes $4,000,000 from First Citizens Bank in Pompano Beach and $5,200,000 from OptimumBank.

For office buyers, the arithmetic is the article: a stabilized era asking price met a 55 percent leased reality, cleared 30 percent below the reduced ask, and financed at roughly two thirds of the price through a local bank underwriting the lease up. Broward office is transacting, but on reset numbers, and every step of the reset is recorded here.