Office Building Finds New Owner After Less Than 30 Days On The Market
Avison Young completed the $2.1 million sale of Plantation Tech I, a 37,357-square-foot office building located at 6600 NW 16th Street within, Plantation Technology Park.
David Duckworth, Vice President of Investment Sales with Avison Young, represented the seller, Matecumbe Rand Plantation I, LLC, in this transaction.
“Upon initial evaluation of the asset, we recommended that upcoming expiring leases be extended to add value and marketability of the building,” said Duckworth. “Once completed, we listed the building on the market and had a deal principally agreed upon within 30 days.”
Plantation Tech I is a fully occupied, single-story office building; it was highly sought after because it offers solid in-place cash flow along with value add potential. This submarket is attractive to tenants because of the ability to lease space at rental rates below County averages and it offers flexible zoning, which allows for a myriad of end-users.
Recent market reports indicate that the availability of attractive financing and overall improving market conditions positively impacted the volume of investment sales in the first quarter.
Plantation Technology Park was established in 1948 as the first industrial park in Broward County. The Park is comprised of approximately 160 acres located in the northeastern section of the City of Plantation. The area is home to Motorola Mobility Inc.’s 1 million-square-foot headquarters facility.
