Avison Young closes two value-add office building sales for $7.2M total in South Florida’s Broward County market
Fort Lauderdale, Fla. — Avison Young’s Florida Capital Markets Group negotiated two value-add office building sales for a total of $7.2 million in Broward County, Florida.
- The Geneva Building, a 21,834-square-foot, class B office property at 1915-1919 NE 45th Street in Fort Lauderdale, Florida, sold for $3.3 million. Avison Young represented the seller, Floranada Pro LLC, during the disposition to Geneva Associates LLC.
- Sawgrass Executive Center, a 24,932-square-foot, class A office building at 400 Sawgrass Corporate Parkway in Sunrise, Florida, sold for $3.9 million. On behalf of LNR Partners, LLC, Avison Young sold the property on the Ten-X online auction platform to 400 Sawgrass Executive Center, LLC.
Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami office; Senior Associate Brian C. de La Fé; and Associate Berkley Bloodworth closed the sales. Avison Young completed the previous sale of the Geneva Building in 2016, and the building has since been renovated and sold at a profit in the latest transaction.
“Well-located, value-add office assets continue to garner significant competitive investor interest in growing markets such as Broward County,” said Duckworth. “The 82.7% occupied Geneva building offers new ownership tremendous upside potential to lease up remaining vacant space. Also, the 95.7% occupied Sawgrass Executive Center is home to quality tenants with below-market rents in place, providing its new owner the option to push rents higher when leases expire.”
According to Avison Young research, strong economic fundamentals continue to propel demand in Broward County’s office market. South Florida’s unemployment rate is at 3%, and the largest year-over-year employment gain was in the office-using sector of professional and business services. Broward County’s overall rent growth continues to increase, and absorption remains positive. In addition to healthy market characteristics and office tenant demand, low interest rates have contributed to investment activity.