Avison Young has successfully completed the sale of Bank of America Center, a 50,000-square-foot class A multi-tenant office building located at 1401 N. University Drive in the heart of Coral Springs, on behalf of the seller.
Anchored by Bank of America, the asset was listed unpriced as Avison Young’s David Duckworth, Vice President of Investment Sales, and Donald K. DeWoody, Principal of the Southeastern Retail Group, executed a competitive bid process.
The building sold for $4.2 million, according to industry sources.
“As market conditions continue to improve, value-add investment opportunities in South Florida are becoming scarce,” said Duckworth. “In response to the trend of investor demand outpacing supply, we conducted a competitive bid process in order to generate a top of the market sale price for the property within a short timeframe.”
Six-story Bank of America Center was constructed in 1986 and sits on ± 2.51 acres at the hard corner of a signalized intersection within the Northwest Broward/Coral Springs office submarket. The buyer, KEI Properties, was drawn to the property due to its positive in-place income at 41% leased and value-add opportunities through capital improvements, and aggressive management and leasing efforts.
“The buyer is extremely fortunate to acquire a class A office building in a dynamic location with long-term credit tenants including Bank of America and Verizon Wireless,” said DeWoody. “With the proper management and leasing strategy this is an excellent investment that will ultimately prove profitable for new ownership,” added DeWoody.
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