Avison Young has been named the exclusive listing agent to market and sell the 52,960-square-foot office building located at 1725 North Commerce Parkway in Weston.
David Duckworth, Principal, Investment Sales, with Avison Young, was retained by ownership to spearhead the sale.
“Southwest Broward County’s office leasing activity continues to accelerate with mid-year 2016 reports showing decreasing vacancy rates, currently at 14.6 percent. As vacancy is absorbed, we are seeing rental rate growth outpacing inflation, growing over 2 percent annually since 2013,” said Duckworth. “These market trends, coupled with the long-term credit tenant in place and recent renovations completed, make 1725 North Commerce Parkway an amazing investment opportunity.”
Recent renovations include a new roof, a new back-up generator, exterior paint, and class A finishes.
In 2Q2015, Avison Young secured the long-term lease with the current tenant, a national vendor of technology-enabled, end-to-end payment health plan solutions for organizations, taking the last available contiguous office space over 50,000 square feet off the market in Weston. In 2Q2016, Avison Young was named the exclusive firm to manage the property.
“Weston is an extremely strong submarket with significant barriers to entry,” continued Duckworth. “This asset provides the tenant with maximum efficiency and a 6.34/1000 parking ratio which allows them to house 58 percent more employees per square foot over traditional office space. Additionally, the property’s unique location, amenities, offerings, and options will continue to give it a competitive advantage in the marketplace.”
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