Avison Young Closes Sale of South Florida Office Building
- Aug 23, 2018
Avison Young’s Florida Capital Markets Group has brokered the sale of Pointe 1801, a more than 99,000-square-foot office property in Plantation, Fla., part of a three-building portfolio. The company worked on behalf of the seller, a global private equity firm. Zaragon Inc. acquired the asset for $16.6 million.
Located at 1801 N.W. 66th Ave., in the center of Broward County, between Interstate 95 and Sawgrass Expressway, Pointe 1801 is close to Florida’s Turnpike and I-595. At the time of the sale, the building was fully leased to two tenants.
“At 100 percent leased, Pointe 1801 offers substantial long-term income and with only two tenants, it is less management-intensive than most projects,” said David Duckworth, Avison Young principal, in a a prepared statement. “Additionally, a multimillion-dollar renovation by the anchor tenant is underway to accommodate its 90,000-square-foot premises.”
As part of growing its growing South Florida investment portfolio, the private equity firm that purchased Pointe 1801 also acquired the other two buildings in the portfolio—Southpointe and Pointe Broward—for a total of $49.3 million.
Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fe were part of the team that represented the seller in the deal. In june, Avison Young’s brokers also facilitated the sale of The Atrium, a 37,392-square-foot corporate office building in West Palm Beach, Fla., to Zaragon Inc.
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