Property Insurer Purchases 40,000 SF Deerfield Beach Site

Oct 14, 2013 No Comments by

Avison Young’s South Florida operations announced the sale of a 40,316 square foot Class A office building and adjacent 6.2-acres located at the Research Park at Florida Atlantic University in Deerfield Beach.

The property is located at 1501 SW FAU Research Park Boulevard, and marks the ninth South Florida sales transaction the firm has completed within the past two months.

The buyer, People’s Trust Insurance Company, a Florida-based company that provides affordable homeowner’s insurance to Florida residents, plans to use the Research Park at FAU Deerfield Beach building as its corporate headquarters with the land as future expansion space. People’s Trust currently leases about 19,000 square feet at 6001 Broken Sound Parkway NW in Boca.

Principal Keith O’Donnell and Associate Jonathan Senn, both with Avison Young’s Capital Markets Group, represented the seller in the transaction.  Cushman & Wakefield’s Christopher Thomson, Rick Etner, Sky Groden, Chris Metzger represented People’s Trust.

“We were selected by ownership to execute the successful sale of the Research Park at FAU in Deerfield Beach due to our unique ability to access both the investor and owner/user markets, as well as our in-depth understanding of the property’s complex ground lease structure,” said Mr. O’Donnell. “The building’s contemporary design combined with its convenient access to I-95 and adjoining fully entitled development parcel provides for future expansion space and makes it an ideal fit for a rapidly expanding company like People’s Trust.”

According to recent market trend reports, office properties in Deerfield Beach are being listed for sale at a much slower pace, allowing for increased competition for buyers in the market. Additionally, rental asking prices are on the rise at an increase of 6.4 percent year-over-year, making the area more appealing for investors as well as companies seeking to own.

“We are seeing a surge of interest from companies in the marketplace looking to own their own buildings,” said Mr. Senn. “If the appropriate user can be identified, it creates a unique opportunity for the owner to sell their property at a price far exceeding what a typical return-driven investor will pay.”

 

 

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