Avison Young closes $9.75M sale of fully-leased office-industrial portfolio totaling 96,238 SF in Plantation, Florida

September 30, 2019

Avison Young closes $9.75M sale of fully-leased office-industrial portfolio totaling 96,238 SF in Plantation, Florida

Florida Capital Markets Group negotiates sale of Plantation Technology Park assets and hits $100M worth of transactions in Plantation over the past year

 

Plantation, Fla. — Avison Young’s Florida Capital Markets Group represented COFE Properties in the sale of a two-building, single-story, multi-tenant office/industrial portfolio spanning 96,238 square feet of fully-leased space at 1700 and 1800 N.W. 66th Ave. within Plantation Technology Park in Plantation, Florida. The buyer was Finance and Acquisitions, LLC.

Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Senior Associate Brian de la Fé; and Associate Berkley Bloodworth led the marketing and collective disposition of the Plantation Technology Park assets. The sale represents the Florida Capital Markets Group’s continued sales streak in Broward County’s Plantation submarket, now totaling approximately $100 million in transactions over the past year.

“Plantation is one of the most active suburban investment submarkets in South Florida, as buyers are drawn to the growth of industries, development, and population growth in the area,” said Duckworth. “An extremely stable opportunity with strong cash flow in a vibrant location, the Plantation Technology Park portfolio garnered significantly competitive investor interest.”

Located off of Sunrise Boulevard between University Drive and Florida’s Turnpike, the portfolio is anchored by Cadogan Tate Miami, Broward County Department of Revenue, and BrightStar Credit Union. The assets boast a well-distributed lease expiration schedule and upside potential to increase current below-market rents, as declining submarket vacancy rates will continue to drive rental rates upward.

According to Avison Young research, office and industrial overall vacancy rates in Plantation are some of the lowest in the Broward County market at 7.11% and 1.86%, respectively. Positive economic fundamentals continue to propel tenant and investment demand in South Florida’s office market, particularly in Broward which recorded the lowest unemployment rate of the tri-county area at 3%.

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