Office Users Hot for Broward
Buyers are back in Broward (quick, get the lemonade stands out!), ready to pay more for well-located office properties, Avison Young VP of investment sales David Duckworth tells us. Inventory is decreasing, driving prices higher.
Recently David (snapped with his wife Brenda during a visit to Chicago) repped the owner in the disposition of Plantation Key Office Park Building 9, a 5,500 SF office building within a corporate complex at 1224 N University Drive in Plantation. The deal was the latest sale in a long-term project of selling office properties in the area that included the Plantation Key Office Park buildings: 10 deals in all, totaling over $14M.
Office-user sales are driving a lot of activity in the market, David says. The buyer of Building 9, Ramanna Properties, will use the building for its South Florida HQ. He explains that Avison Young repped the developer in its original acquisition of the entire office park, which allowed the company to position and market each property in the park. “Office users are realizing the value proposition of ownership,” David says, and they also want to take advantage of low borrowing cost while it’s still available.
