260,000 SF South Florida Office Portfolio Hits Market As High Cap Rates Propel Investor Demand

Mar 13, 2018 No Comments by

Avison Young’s Florida Capital Markets Group has been exclusively tapped to sell a three-building, 257,337-square-foot office portfolio in Broward County’s Plantation submarket, according to a release.

On behalf of the seller, a leading global private equity firm, Avison Young Principals David Duckworth, John K. Crotty, CCIM, and Michael T. Fay will lead the marketing and collective or individual disposition of the following properties:

Pointe 1801, a 99,255-square-foot, newly renovated corporate office building centrally located at 1801 NW 66th Avenue between Interstate 95 and the Sawgrass Expressway. The property is 100 percent leased by two credit tenants on long-term leases.

Southpointe, a 79,694-square-foot, high-finish office building located at 7901 SW 6th Court. The property is 98 percent leased, proximate to high-end residential neighborhoods, and provides outstanding ingress and egress to Interstate 595.

Pointe Broward, a 78,388-square-foot office building located at 8211 West Broward Boulevard. The property is 79 percent leased to corporate tenants and professional service firms including law and accounting. With limited risk due to evenly distributed expiration schedule, the asset offers substantial upside potential for a value-add investor to lease up vacant space.

 

“Demand for suburban office assets has increased significantly as cap rates, yields, and value-add opportunities are higher than other property types,” said Duckworth. “This portfolio will allow a buyer to own a significant footprint in one of the most highly sought-after suburban office markets in Broward County.”

According to research by Avison Young, Broward County continues to lead South Florida in employment growth and job creation. Demonstrated by steady positive absorption, tenants are increasingly attracted to the market, creating robust demand for office space. This trend has led to declining vacancy rates and rising lease rates, which are particularly high in urban areas. In response, many tenants seeking to expand or relocate offices are considering highly amenitized suburban submarkets such as Plantation as an alternative.

 

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Broward County Office, Industry News, NA, Office
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