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Avison Young completes $12.1M sale, secures debt for Atrium West office building in Sunrise, Florida

Avison Young completes $12.1M sale, secures debt for Atrium West office building in Sunrise, Florida 8 Jul 2021

Sunrise, Fla. – Avison Young’s Florida Capital Markets Group negotiated the $12.1 million sale of Atrium West, a 99,870-square-foot office building situated on 8.78 acres at 7771 W. Oakland Park Blvd. in Sunrise, Florida.

Avison Young Principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami office; Vice President Brian de la Fé; and Associate Berkley Bloodworth completed the sale on behalf of the seller, Douglas Pike Associates, LLC. George Vail, Principal with Avison Young, secured the debt for the buyer, an affiliate of McGuire Development Company.

“Atrium West represented an opportunity for a savvy investor to acquire a South Florida asset priced below replacement cost and generate significant cash flow,” said 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.”

Atrium West represents McGuire Development Company’s first Southeast Florida acquisition. Brian Askey, AVP Florida Real Estate at McGuire Development represented the purchaser throughout the transaction. “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. As a Fort Lauderdale Resident I feel the positive impact of growth in the community and I look forward to continuing to participate in the success of the region,” said Jim McGuire, CEO of McGuire. McGuire Real Estate Services of Florida will be providing leasing services for the property. The company continues to actively pursue investment opportunities with the intent to grow.

“There was exceptional interest from multiple lenders for this deal,” said 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 South Florida, which has continued to see accelerated growth as companies have relocated to the area en masse since the COVID-19 pandemic.”

Conveniently located in Central Broward County, Atrium West is just minutes from Florida’s Turnpike, Sawgrass Expressway, and Interstate 95. Area amenities include Sawgrass Mills Mall and many restaurant and banking locations. Fully renovated in 2015, some of the building’s attributes include picturesque interior and exterior landscaping, a sculpture fountain and modern furniture throughout the lobby, and plentiful parking which can accommodate just about any parking requirement.

About McGuire Real Estate Services:

McGuire Real Estate Services is the South Florida based services arm of McGuire Development Company providing South Florida with a full spectrum of commercial real estate services and representation in multiple asset classes. For more information, visit mcguireflorida.com or call (954) 420-1903

About McGuire Development Company

McGuire Development Company is a full-scale commercial real estate firm, specializing in real estate consulting services, development & acquisitions, property & asset management, owner representation, and brokerage services. For more information, visit mcguiredevelopment.com or call (716) 829-1900.

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 Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.

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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

George Vail, Principal, Avison Young: 305.447.7869