Avison Young Brokers Sale of Florida Offices
- Sep 26, 2019
Avison Young has arranged two value-add office sales in Broward County, Fla., for a total of $7.2 million. The deals include The Geneva Building, a 21,834-square-foot office property in Fort Lauderdale, Fla., and Sawgrass Executive Center, an asset encompassing 24,932 square feet in Sunrise, Fla. Avison Young Principals David Duckworth, John Crotty and Michael Fay, Senior Associate Brian de La Fé and Associate Berkley Bloodworth closed both transactions.
Floranada Pro LLC sold The Geneva Building for $3.3 million after three years of ownership. During this period, the firm has renovated the property and now sold it at an 82.7 percent occupancy level. Situated at 1915 – 1919 N.E. 45th St., the asset is just off Freeway 1, around 6 miles from downtown Fort Lauderdale and within 5 miles of Fort Lauderdale Executive Airport.
LNR Partners sold the Class A Sawgrass Executive Center for $3.9 million. The building was 95.7 percent occupied when the deal closed. Located at 400 Sawgrass Corporate Parkway in Sunrise, the asset is near the intersection of several major roads, including Interstate 595 and Freeway 842, which also provide convenient access to Fort Lauderdale.
Strong market fundamentals
Considering the healthy market fundamentals in South Florida, the office sector in Broward County is positioned for growth, according to Avison Young research. Due to a steady rise in the professional and business services sector, demand for office continues to be high, which positively impacts rent growth in the county. Additionally, low interest rates have also contributed to the heightened investment activity.
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