Suburban Broward Office Building Sells For $4.8M

CBRE arranged the sale of Atrium West, a suburban office building at 7771 West Oakland Park Boulevard, for $4.8 million, or $51.79 per square foot.
The bank-owned asset was sold to Atrium 93, LLC, a local private equity group. CBRE represented the seller, ATC Realty One, a limited liability company.
Atrium West is a two-story, 92,689-square-foot suburban office building located on a 6.79-acre site at the northeast corner of University Drive and Oakland Park Boulevard. At the time of closing, the property was 62 percent leased.
“As a testament to both the buyer and seller’s commitment to completing this deal, the bank supported the buyer’s efforts during due diligence to firm up several of the near-term lease expirations. This was instrumental in facilitating financing but would have also benefitted the seller had the transaction never closed,” said Senior Vice President Scott O’Donnell of CBRE.
O’Donnell was joined in representing the seller by CBRE’s South Florida Private Capital Group members, Senior Associates Marty Busekrus and Dominic Montazemi, and Associate Miguel Alcivar. Year to date, the team has closed six transactions comprising nearly 500,000 SF for a total sales volume of $48.6 million.