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Avison Young Negotiates Sale of Atrium West for Over $12 Million

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 sellerDouglas Pike Associates, LLCcited 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.”

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.