The Green Cos. Buys $19M Office Building in Plantation, FL
- Jul 19, 2018
The Green Cos. has acquired Southpointe, a four-story office building in Plantation, Fla., for $18.5 million. A team of Avison Young brokers facilitated the disposition on behalf of the seller, TA Associates Realty, a company that also recently sold a 77,000-square-foot office building in Tampa, Fla.
Southpointe is located at 7901 S.W. Sixth Court, in a high-density submarket which has more than 2 million square feet of Class A office space within a 3-mile radius, according to Yardi Matrix data. The building totals 79,719 square feet of rentable space, with floorplates measuring 20,088 square feet. Leases range from a minimum of 1,102 square feet of divisible space up to 10,037 square feet of contiguous space.
Constructed in 2001, Southpointe received a cosmetic renovation in 2013, under previous ownership. TA Associates Realty completed the disposition after a holding period of 11 years, having acquired the asset in 2007 for $16.3 million. Currently, the building has three vacant spaces, totaling 11,139 square feet.
The area features several shopping malls and restaurants, hotels, motels and entertainment options, all within a few minutes of the Southpointe office building. Major thoroughfares nearby include Interstate 595, Broward Boulevard and State Route 817. The Fort Lauderdale-Hollywood International Airport can be reached in about 15 minutes by car.
Strong office market
According to a recent Avison Young report, the Plantation submarket features vacancy rates of about 5.6 percent for Class A office space. Strong positive net absorption along with limited new construction and third-highest rental rates in Fort Lauderdale metro, make Plantation a very coveted area for office real estate.
“The sale of Southpointe at $232 per square foot is a reflection of investor confidence in the western Broward County office market. Location and building quality were important factors in this sale. The Green Cos.’ purchase was a great strategic move to increase their footprint in Plantation’s robust office submarket,” said David Duckworth, principal at Avison Young, in a prepared statement.
Image courtesy of Avison Young