FORT LAUDERDALE, FL—If you've doubted that investment sales activity in Broward County is on the rise, consider the Chase Bank office building. It's the second transaction Avison Young has closed in the past week alone.
The Chase Bank office building sold for $4.095 million in an off-market acquisition. The 27,312-square-foot three-story office building is located at 3201 North Federal Highway in Oakland Park, FL.
David Duckworth, vice president of investment sales with Avison, represented the buyer, Mctuchaus, in the deal. The seller was undisclosed.
“The Coral Ridge office submarket was hit particularly hard during the past recession due to the large number of smaller entrepreneurial tenants that were in the market,” Duckworth tells GlobeSt.com. “Recently there has been a great deal of lease activity in the area, with quality tenants like USI Insurance recently leasing 17,400 square feet in the Costal Tower building.”
Chase Bank office building sits at the corner of one of Broward's most sought after intersections, Federal Highway and Oakland Park Boulevard. The asset caters to medical and general office tenants.
“We saw untapped opportunity in this asset and approached the ownership of the building directly to begin discussions for this off-market sale. The building has a long-term income stream from an existing credit tenant and great upside potential for the future,” says Duckworth.
“As the ownership was not motivated to sell this asset, the negotiation process was long and complicated. Ultimately, we were able to arrive at a mutually acceptable deal for the previous ownership, and a strategic acquisition for my client.”
Last week, Avison brokered the sale Plantation Tech 1, a 37,357-square-foot office building located at 6600 Northwest 16th Street within, Plantation Technology Park in the Fort Lauderdale suburb of Plantation, FL. Matecumbe Rand Plantation I, sold the office building for $2.1 million, more than it would likely have fetched without Avison's creative leasing strategy. Click here to learn more about that strategy.
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