Tag Archive for: david duckworth

Avison Young Closes Sale Of Fully-Leased Plantation Office Building

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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 66th 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.

Plantation Office Building Fetches $18.5 Million

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Avison Young’s Florida Capital Markets Group completed the $18.5 million sale of Southpointe, a 79,719-square-foot, class A office building at 7901 SW 6th Court in Plantation, one of Broward County’s most highly sought-after suburban office submarkets.

On behalf of the seller, Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay; Greg Martin; and Senior Associate Brian de la Fé; facilitated the disposition to The Green Companies.

Southpointe is a four-story, award-winning office building featuring high-end finishes, impact glass, abundant parking, and an efficient design. The property’s close proximity to Interstate 595, great amenities, and high-end residential neighborhoods provides the essential elements for a successful class A office property.

“The sale of Southpointe at $232 per square foot is a reflection of investor confidence in the western Broward County office market,” said Duckworth. “Location and building quality were important factors in this sale. The Green Companies’ purchase was a great strategic move to increase their footprint in Plantation’s robust office submarket.”

Vacancy in Plantation remains one of the lowest in the Broward office market at 5.57 percent, for class A space, according to research by Avison Young. With year-over-year declines in the vacancy rate, strong positive net absorption, limited new construction, and the third highest rental rates in Fort Lauderdale’s metro, Plantation’s suburban submarket continues to generate strong demand in class A office space.

 

Avison Young Engaged To Sell Weston Office Building

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Avison Young has been named the exclusive listing agent to market and sell the 52,960-square-foot office building located at 1725 North Commerce Parkway in Weston.

David Duckworth, Principal, Investment Sales, with Avison Young, was retained by ownership to spearhead the sale.

“Southwest Broward County’s office leasing activity continues to accelerate with mid-year 2016 reports showing decreasing vacancy rates, currently at 14.6 percent. As vacancy is absorbed, we are seeing rental rate growth outpacing inflation, growing over 2 percent annually since 2013,” said Duckworth. “These market trends, coupled with the long-term credit tenant in place and recent renovations completed, make 1725 North Commerce Parkway an amazing investment opportunity.”

Recent renovations include a new roof, a new back-up generator, exterior paint, and class A finishes.

In 2Q2015, Avison Young secured the long-term lease with the current tenant, a national vendor of technology-enabled, end-to-end payment health plan solutions for organizations, taking the last available contiguous office space over 50,000 square feet off the market in Weston. In 2Q2016, Avison Young was named the exclusive firm to manage the property.

Office Building Finds New Owner After Less Than 30 Days On The Market

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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.

Boca’s Plum Park Trades

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Avison Young’s South Florida office announced the sale of Plum Park, a 61,759 square foot class B business complex located at 141 NW 20th Street in Boca Raton, for $6 million.

Vice President of Investment Sales David Duckworth, Principal Keith O’Donnell and Associate Jonathan Senn of Avison Young were responsible for executing the lease-up and represented ownership CW Capital during the sale. “This project was a true collaborative effort between the leasing team and the investment sales team within our company,” said Mr. Duckworth. “It once again highlights Avison Young’s ability to stabilize an asset and then maximize the sale price by executing a well thought out plan with our client.”

The Plum Park transaction shows the aggressiveness of commercial property investors and the intensifying competition for B market properties in the Boca Raton area. In response to the uptick in demand of current and new buyers, Avison Young’s keen understanding of area trends and strategic marketing approach to investment sales while working with clients during the diversification process allows properties to properly compete in the market as high quality assets.

“When we were initially awarded the responsibility of leasing, repositioning and the ultimate sale of Plum Park, the asset had high vacancy with existing tenants in default,” said Mr. Duckworth. “Our team was uniquely qualified to replace delinquent tenants with high caliber businesses in stronger financial conditions, thereby adding value to the property.”

Plum Park is comprised of five singe-story office/retail buildings with flexible space plans from 761 square feet up to 7,521 square feet. The well-maintained grounds feature lush tropical landscaping, signage and ample parking. Located just west of Dixie Highway and minutes away from the I-95, the property allows tenants convenient access to major thoroughfares and local amenities.

Duckworth Wins “Office Sale Of The Year” Award

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Ultimate Software HeadquartersThe South Florida office of Avison Young is pleased to announce that David Duckworth took home the Office Sale of the Year Award for 2012 at the annual NAIOP Awards of Excellence.

David was the listing broker for the 62,000-square-foot Ultimate Software Headquarters facility located in Weston, which traded for $16.1 million.

The event was held on February 21st at the IGFA Fishing Hall of Fame & Museum in Dania Beach.