Avison Young closes $10M sale of Galleria Corporate Centre bulk office condo space totaling 96,929 SF in Fort Lauderdale, Florida
Fort Lauderdale, Fla. — Avison Young’s Florida Capital Markets Group successfully completed the $10 million sale of 96,929 square feet of office condo space at Galleria Corporate Centre in Fort Lauderdale, Florida. Totaling 168,844 square feet, Galleria Corporate Centre is a 13-story tower comprised of class A office and retail space at 2455 E. Sunrise Boulevard directly across the street from South Florida’s famed Galleria Mall. The bulk sale represents 57.42% of the building’s total square footage and includes two overflow parking lots on the north side of the building, an additional value-add opportunity.
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 C. de la Fé; and Associate Berkley Bloodworth negotiated the sale on behalf of International Sunrise Partners, LLC. The buyer was Main Street Fund, LLC.
“Highlighting the increasing demand for office space in Fort Lauderdale, we successfully identified a single buyer to purchase the remaining units at Galleria Corporate Centre in one transaction,” said Duckworth. “The buyer will be able to add value to the portfolio with an aggressive leasing campaign and generate stable cash flows as an income-producing asset.”
According to Avison Young research, the Broward County/Fort Lauderdale office market continues to experience economic expansion. The largest year-over-year employment gain was in the office-using sector of professional and business services (up 4.0%), which is expected to further bolster demand for space. Overall average asking rents have grown by 1.8% over the trailing 12-month period ending with the second quarter of 2019, with class A rent growth at a faster pace of 7.3%.
Galleria Corporate Centre features an irreplaceable location and recent renovations including elegant marble flooring, rich woods and expansive windows throughout the lobby, a new porte-cochère complete with valet service. A café serving light fare throughout the day and Texas de Brazil offer onsite dining options, while Starbucks, Publix, and several quality restaurants such as Capital Grille, Truluck’s, Seasons 52, and P.F. Chang’s are within walking distance. Surrounded by new and existing upscale apartment developments and shopping just minutes away from the beach, the building provides tenants numerous lifestyle options and water views of the intra-coastal waterway and the Atlantic Ocean.