FORT LAUDERDALE, FL—Avison Young’s South Florida office is pleased to announce its participation in the $4.3 million purchase of Cypress Court, a 41,850 square foot office building located within the Cypress Creek office submarket at 6360 NW 5th Way, in Fort Lauderdale, Fla.
Avison Young represented the buyer, NRNS Acquisition McNab Road LLC, in the transaction which is consistent with the growing trend of owner/user activity in the Cypress Creek office submarket. NRNS Acquisition plans to occupy the majority of the building for its own operations and lease out excess space to third party tenants.
Principals Wayne Schuchts and Greg Martin of Avison Young facilitated the acquisition. “The current interest rate environment coupled with the lower building values and high vacancies is presenting a unique opportunity to the owner/user group right now,” said Mr. Schuchts. “Many times, the ‘lease versus own’ analysis will show a significantly lower annual occupancy cost to the tenant under a purchase scenario.”
Cypress Court is a three-story square foot reflective glass building situated in Corporate Park at Cypress Creek. Key attributes include recently renovated common areas, excellent access to major thoroughfares as well as local amenities such as banking, shopping, restaurants, hotel and travel.
“The vitality of the Cypress Creek office submarket was a major factor which led to NRNS Acquisition’s decision to purchase Cypress Court for its new location as well as investment purposes,” added Mr. Schuchts. “We are confident that this investment will result in positive outcomes for our client.”
Avison Young’s South Florida operations provide best-in-class 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, please contact Mr. Schuchts or Mr. Martin at (954) 903-1800 or visit www.avisonyoung.com/offices/south-florida-ft-lauderdale.
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 1,200 real estate professionals in 48 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.