MIAMI—Bank of America Center, a 50,000-square-foot class A multi-tenant office building sitting at 1401 North University Drive in Coral Springs, FL, has traded hands. The property went up for sale in June.

Anchored by Bank of America, the asset was listed unpriced. Financial terms of the deal were not disclosed.

Avison Young's David Duckworth, vice president of Investment Sales, and Donald K. DeWoody, principal of the Southeastern Retail Group, represented the seller. Over the past year, Duckworth and DeWoody have been a part of $100 million in transactions and continue the positive momentum with this latest disposition.  

“The extraordinary level of interest we experienced with this property represents investors' optimism that Coral Springs will see a significant uptick in occupancy, similar to what has already occurred in other Western Broward office markets such as Weston, Plantation, Miramar, and Pembroke Pines,” Duckworth tells GlobeSt.com. “As market conditions continue to improve, value-add investment opportunities in South Florida are becoming scarce. In response to the trend of investor demand outpacing supply, we conducted a competitive bid process in order to generate a top of the market sale price for the property within a short timeframe.”

Built in 1986, Bank of America Center is a six-story tower that sits on about 2.5 acres at the hard corner of a signalized intersection within the Northwest Broward-Coral Springs office submarket. According to Avison, KEI Properties, was drawn to the acquire the property due to its positive in-place income at 41% leased and value-add opportunities through capital improvements, and aggressive management and leasing efforts. KEI could not immediately be reached for comment.

“The buyer is extremely fortunate to acquire a class A office building in a dynamic location with long-term credit tenants including Bank of America and Verizon Wireless,” says DeWoody. “With the proper management and leasing strategy this is an excellent investment that will ultimately prove profitable for new ownership."