South Florida’s accelerated real estate market continues to show no signs of slowing down after COVID-19 contributed to more interest in the area. Atrium West, a 99,870 square foot facility at 7771 W. Oakland Park Blvd. in Sunrise, was recently sold for $12.1 million in a deal negotiated by the real estate advising firm Avison Young’s Florida Capital Markets Group.
David Duckworth, a principal for Avison Young who represented the seller, Douglas Pike Associates, LLC, cited the building’s high occupancy number combined with a lower rental rate than nearby corporate offices as reasons it was an attractive purchase for the buyer, McGuire Development Company and its South Florida-based services arm, McGuire Real Estate Services of Florida.
“Atrium West represented an opportunity for a savvy investor to acquire a South Florida asset priced below replacement cost and generate significant cash flow,” says Duckworth, who also spearheaded the previous sale of the asset in 2015. “The buyer was attracted to the property’s solid tenancy at 81% occupancy, as well as its excellent value proposition to office tenants seeking a high-quality building without the high rental rates currently quoted in the nearby Plantation and Sawgrass Corporate Park submarkets.”
McGuire Real Estate Services of Florida will be providing leasing services for the building as the firm pursues investment opportunities to grow.
“While our family has invested in a variety of opportunities in Florida over many years, we are drawn to Atrium West and other synergistic opportunities because of the sustained population growth and business-friendly climate of South Florida,” says Jim McGuire, CEO of McGuire.
The building underwent renovations in 2015 highlighted by new interior furnishings and exterior landscaping and its central location is minutes from Florida’s Turnpike, Sawgrass Expressway and Interstate 95. Nearby amenities include Sawgrass Mills Mall, the BB&T Center and numerous banking branches.
“There was exceptional interest from multiple lenders for this deal,” says Avison Young Principal George Vail, who secured the $8.9 million loan for the buyer. “This is especially due to the best-in-class sponsorship and to the property’s location in South Florida, which has continued to see accelerated growth as companies have relocated to the area en masse since the COVID-19 pandemic.”
