Avison Young’s South Florida office announced the sale of Gallery Center, a 64,565 square foot class B office building located at 604-622 Banyan Trail in Boca Raton.
As the leasing agent, Avison Young increased occupancy and repositioned the asset, thereby increasing value for the ownership First Southern Bank and executing a successful sale for $6.5 million.
Vice President of Investment Sales David Duckworth, Principal Keith O’Donnell and Associate Jonathan Senn of Avison Young were responsible for executing the lease-up and represented ownership during the sale. “This is the type of assignment that fits squarely in the wheelhouse of Avison Young,” said Mr. Duckworth. “We excel in repositioning properties by applying a systematic marketing effort and business strategy to increase value for the client.”
Leading up to the sale, the property underwent several capital improvements to enhance curb appeal including painting, landscaping, and new signage. Located just half mile north of I-95’s Glades Road exit, Gallery Center provides convenient access to major thoroughfares and local amenities.
“With the influx of new, more aggressive buyers in the market, commercial sales are occurring at a much faster rate,” said Mr. Duckworth. “Understanding the cadence of the marketplace allowed us to work with ownership to reposition the Gallery Center correctly, ultimately resulting in a successful sale.”
The sale of Gallery Center represents the recent trend of increased competition for B market properties in the area. In general, Boca Raton commercial property prices are on the rise causing buyers to become more aggressive.
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