PLANTATION, FL—In what brokerage firm Avison Young says is a sign of strong investor confidence in the office market in western Broward County, the Southpointe office building here has traded for $18.5 million.
The 79,719-square-foot four story office building at 7901 SW 6th Court in Plantation was sold by TA Associates Realty to Miami-based the Green Companies. TA Realty is headquartered in Boston and has additional offices in Palm Beach Gardens, FL, Newport Beach, CA and Dallas.
Avison Young principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay; Greg Martin; and senior associate Brian de la Fé; represented the seller in the transaction.
“The sale of Southpointe at $232-per-square-foot is a reflection of investor confidence in the western Broward County office market,” says Avison Young’s Duckworth. “Location and building quality were important factors in this sale. The Green Companies’ purchase was a great strategic move to increase their footprint in Plantation’s robust office submarket.”
Avison Young reports that class A office vacancy in the suburban Plantation market remains one of the lowest in the Broward County office market at 5.57%.
With year-over-year declines in the vacancy rate, strong positive net absorption, limited new construction, and the third highest rental rates in Fort Lauderdale’s metro, Plantation’s suburban submarket continues to generate strong demand in class A office space, the brokerage firm states.