FORT LAUDERDALE, FL—If you've doubted that investment salesactivity in Broward County is on the rise, consider the Chase Bankoffice building. It's the second transaction AvisonYoung has closed in the past week alone.

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The Chase Bank office building sold for $4.095 million in anoff-market acquisition. The 27,312-square-foot three-story officebuilding is located at 3201 North Federal Highway in Oakland Park,FL.

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David Duckworth, vice president of investmentsales with Avison, represented the buyer,Mctuchaus, in the deal. The seller wasundisclosed.

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“The Coral Ridge office submarket was hit particularly hardduring the past recession due to the large number of smallerentrepreneurial tenants that were in the market,” Duckworth tellsGlobeSt.com. “Recently there has been a great deal of leaseactivity in the area, with quality tenants like USI Insurancerecently leasing 17,400 square feet in the Costal Towerbuilding.”

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Chase Bank office building sits at the corner of one ofBroward's most sought after intersections, Federal Highway andOakland Park Boulevard. The asset caters to medical and generaloffice tenants.

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“We saw untapped opportunity in this asset and approached theownership of the building directly to begin discussions for thisoff-market sale. The building has a long-term income stream from anexisting credit tenant and great upside potential for the future,”says Duckworth.

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“As the ownership was not motivated to sell this asset, thenegotiation process was long and complicated. Ultimately, we wereable to arrive at a mutually acceptable deal for the previousownership, and a strategic acquisition for my client.”

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Last week, Avison brokered the sale Plantation Tech 1, a37,357-square-foot office building located at 6600 Northwest 16thStreet within, Plantation Technology Park in the Fort Lauderdalesuburb of Plantation, FL. Matecumbe Rand Plantation I, sold theoffice building for $2.1 million, more than it would likely havefetched without Avison's creative leasing strategy. Click here tolearn more about that strategy.

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