Avison Young Completes Broward Office Asset Sale

Avison Young completed the $10,951,458 sale of Atrium West, a fully renovated 94,000 square-foot office building located at 7771 W. Oakland Park Boulevard in Sunrise.
David Duckworth, Vice President of Investment Sales with Avison Young, facilitated the transaction on behalf of the seller, ROVI Properties LLC, who previously purchased the class B property in 2012 for $4.8 million.
 

“Upon the seller’s request not to widely market the property and only share the opportunity with a handful of buyers, we were tasked with locating an investor that was looking to acquire an asset which fit the exact profile of Atrium West,” said Duckworth. “We were able to secure a buyer who was attracted to the quality and stability of the asset. After a complex negotiation process, the ultimate result was the successful completion of a transaction with our client more than doubling their initial investment.”

 
Atrium West is 90 percent occupied and offers strong in-place income along with a stable rent roll with limited rollover in the next two years. The property was acquired by Douglas Pike Associates, LLC.
 

“The recent comprehensive renovations of the property added tremendous value and directly led to an increase in occupancy,” continued Duckworth. “With office building sales continuing to improve in Broward due to strong leasing activity and rising rental rates, this sale is a testament to the renewed confidence in the market for office investors.”

 
Atrium West is located in Central Broward, just minutes away from Florida’s Turnpike, Sawgrass Expressway, and I-95.

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