Deerfield Beach, FL — Avison Young’s South Florida operations today announced the sale of a 40,316 square foot Class A office building and adjacent 6.2-acres located at the Research Park at Florida Atlantic University in Deerfield Beach, Fla. The property is located at 1501 SW FAU Research Park Boulevard, and marks the ninth South Florida sales transaction the firm has completed within the past two months.
Principal Keith O’Donnell and Associate Jonathan Senn, both with Avison Young’s Capital Markets Group, represented the seller during the transaction. The buyer, People’s Trust Insurance Company, a Florida-based company that provides affordable homeowner’s insurance to Florida residents, plans to use the Research Park at FAU Deerfield Beach building as its corporate headquarters with the land as future expansion space.
“We were selected by ownership to execute the successful sale of the Research Park at FAU in Deerfield Beach due to our unique ability to access both the investor and owner/user markets, as well as our in-depth understanding of the property’s complex ground lease structure,” said Mr. O’Donnell. “The building’s contemporary combined with its convenient access to I-95 and adjoining fully entitled development parcel provides for future expansion space and makes it an ideal fit for a rapidly expanding company like People’s Trust.”
According to recent market trend reports, office properties in Deerfield Beach are being listed for sale at a much slower pace, allowing for increased competition for buyers in the market. Additionally, rental asking prices are on the rise at an increase of 6.4 percent year-over-year, making the area more appealing for investors as well as companies seeking to own.
“We are seeing a surge of interest from companies in the marketplace looking to own their own buildings,” said Mr. Senn. “If the appropriate user can be identified, it creates a unique opportunity for the owner to sell their property at a price far exceeding what a typical return-driven investor will pay.”
The Research Park at FAU campus in Deerfield Beach conveniently provides tenants with excellent exposure to the major thoroughfares at one of the city’s primary entrances as well as the opportunity to benefit from the resources of the University. The Park’s location within Deerfield Beach’s vibrant and diverse community is ideal for emerging companies seeking new markets.
Avison Young’s South Florida operations provide principal-led commercial real estate services to local, national and international clients while also networking with the firm’s other offices across the U.S. and Canada. For more information about Avison Young and sales in South Florida, please contact Mr. O’Donnell at 561.893.7011 or Mr. Senn at 954.903.1816 or visit www.avisonyoung.com/offices/florida-boca-raton.
Avison Young was a winner of Canada’s Best Managed Companies program in 2011 and the company announced last week that it had requalified in 2012 to maintain its status as a Best Managed company.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 53 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.