Avison Young Closes Sale Of Fully-Leased Plantation Office Building

Avison Young’s Florida Capital Markets Group negotiated the $16.55 million sale of Pointe 1801, a fully-leased, 99,255-square-foot corporate office building at 1801 NW 66^th Avenue in Plantation. The property represents the final sale of a three-asset portfolio the team recently listed on behalf of the seller, a leading global private equity firm. The three buildings, including Southpointe and Pointe Broward, sold separately within one month for a total of $49.3 million.

Avison Young Principals David Duckworth; John K. Crotty, CCIM; and Michael T. Fay; Greg Martin; and Senior Associate Brian de la Fé completed the transaction on behalf of the seller. Zaragon, Inc., purchased Pointe 1801 to grow its South Florida investment portfolio. The acquisition is the second transaction involving Zaragon completed this year by Avison Young totaling over $24 million to-date.

“At 100 percent leased, Pointe 1801 offers substantial long-term income; and with only two tenants, it is less management-intensive than most projects,” said Duckworth. “Additionally, a multi-million-dollar renovation by the anchor tenant is underway to accommodate its 90,000-square-foot premises.”

Pointe 1801, which recently underwent lobby and common area renovations, is centrally located in Broward County between Interstate 95 and the Sawgrass Expressway, minutes from Florida’s Turnpike and Interstate 595. This particular area of Plantation has seen a resurgence, as Magic Leap backfilled much of the former Motorola space, Plantation Pointe Retail featuring a Starbucks was developed, and Broadstone Plantation will deliver 250 new residential units in 2018. The submarket overall remains strong.