TA Realty Sells Suburban Ft. Lauderdale Office Assets
- Nov 21, 2017
Avison Young brokered the $13 million sale of a two-building, multi-tenant office portfolio totaling approximately 63,000 square feet in Weston, Fla. According to public records, an entity affiliated with TA Realty sold the assets to a partnership between Highline Real Estate Capital and Sefira Capital. BankUnited facilitated the transaction through $9.2 million in acquisition financing,
The portfolio encompasses the 28,000-square-foot Chase Building located at 1040 Weston Road and the 35,000-square-foot Weston Commerce Center at 1625 N. Commerce Parkway. The properties provide a parking ratio of four spaces per 1,000 square feet. TA Realty purchased the buildings for a combined $15.3 million in January 2008 from an affiliate of West Palm Beach-based Vecellio Group, public records show.
Principals David Duckworth, John Crotty and Michael Fay of Avison Young’s Florida Capital Markets Group represented the seller in the transaction.
“In addition to the properties’ excellent location in South Florida, we highlighted the assets’ stability and upside potential through rent growth to attract aggressive investors. At approximately $206 per square foot, we secured one of the highest prices per square foot for suburban office in Broward County and successfully sold both properties to one buyer,” Duckworth said in prepared remarks. “Office asking rents in Downtown Fort Lauderdale continue to climb, causing businesses to consider space options in suburban submarkets,” added Crotty.
The properties offer exposure to Weston Road and are in close proximity of the Interstate 75/Royal Palm interchange. The Fort Lauderdale-Hollywood International Airport is approximately 25 minutes away.
Image courtesy of Avison Young