null - Commercial Real Estate News Releases | Avison Young News
Commercial real estate news releases from Avison Young
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Avison Young closes $8.3M sale of 33,720 SF Weston Commerce Center office building in South FloridaMarch 10, 2021
Weston, Florida – Avison Young’s Florida Capital Markets Group closed the $8.3 million sale of the 33,720-rentable-square-foot landmark office building at 1625 N Commerce Parkway in Weston, Florida. The asset was the second of the seller’s 100% occupied, two-building portfolio to sell within three months, both sales totaling $17.2 million.
The seller, HRE/SEFIRA Weston Office, LLC, a joint venture between Highline Real Estate Capital and Sefira Capital, acquired the portfolio in 2017 for $13 million. Fox Ridge Capital, LLC, was the buyer in the recent 1625 N Commerce Parkway transaction.
On behalf of the seller, the Weston Commerce Center sale was completed by Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth. The team also facilitated the sale of the portfolio’s other building, a J.P. Morgan Chase Bank-anchored building at 1040 Weston Road, for $8.9 million in December 2020.
“Weston Commerce Center maintained its 100% occupancy rate during the pandemic, which is a testament to the strength of the asset and the market and what attracted strong investor interest,” said Duckworth. “Our client, with the support of the Avison Young leasing team, worked diligently to increase the portfolio’s value and led to a notable return on investment following the sales.”
At the time of the HRE/SEFIRA acquisition in 2017, the properties were 82% occupied. Over the course of three years, the ownership partners increased occupancy to 100% and grew the portfolio’s net operating income by nearly 45%.
“When we acquired the portfolio, we recognized the strength of the Weston submarket and saw the opportunity to drive occupancy and rental rates through the completion of aesthetic improvements and proactive asset management,” said David Moret, President of Highline Real Estate Capital. “With the assistance of Avison Young’s leasing team including Principal Greg Martin and Senior Associate Lisa Blumer, the buildings reached full occupancy well ahead of schedule, and we were able to substantially increase rental rates, which ultimately led to two successful sales during a pandemic after a hold period of less than four years.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
Follow Avison Young
For more information:
David Duckworth, Principal, Avison Young: 954.938.1806
John K. Crotty, CCIM, Principal, Avison Young: 305.447.7865
Michael T. Fay, Principal and Managing Director, Avison Young – Miami: 305.447.7842