McGuire Development Company Acquires The Atrium West Office Building In Sunrise For $12.1 Million

The Buffalo, NY-based McGuire Development Company has acquired the Atrium West office building in Sunrise, FL. Atrium West is a 99,870 SF office building situated on 8.78 acres at 7771 W. Oakland Park Blvd. in Sunrise, Florida. Atrium West represents McGuire Development Company’s first Southeast Florida acquisition.

The transaction was overseen by 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, who represented the seller, Douglas Pike Associates, LLC. Brian Askey, AVP Florida Real Estate at McGuire Development represented the buyer throughout the transaction. 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.”

“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 in 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.

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DRA Advisors And Banyan Street Capital Sell Pinnacle Corporate Park In Fort Lauderdale For $58.875 Million To Crowdfunding Buyer

A fund managed by DRA Advisors LLC in a joint venture with Banyan Street Capital has sold the Pinnacle Corporate Park in Fort Lauderdale for $58,875,000 to Feldman Equities. The deal was the St. Petersburg, FL-based Feldman Equities first acquisition in South Florida and capital was raised through crowdfunding using the online platform Crowdstreet.com.

Avison Young’s Florida Capital Markets Group facilitated the disposition on behalf of the seller. Avison Young Principals John K. Crotty, CCIM, and David Duckworth led the sales team, which also included Principal and Miami Managing Director Michael T. Fay, Principal Greg Martin, Principal George Vail, Vice President Brian C. de la Fé, and Associate Berkley Bloodworth.

Pinnacle Corporate Park is a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. The portfolio totals 259,458 SF on 14.31 acres in Broward County’s Cypress Creek submarket. At $226 per square foot, the sale represents the highest price per square foot in Cypress Creek over the past decade.

Pinnacle Corporate Park was 83% occupied at the time of sale with a diversified mix of tenants, including professional and financial services, healthcare, and technology firms. Following the sale, Avison Young retained the leasing assignment for the property. Feldman Equities plans to invest over $3 million in renovations and fully furnished suites that will allow new tenants to move in quickly.

“Pinnacle Corporate Park received intense interest and multiple competitive offers due to its strong occupancy, rental rate growth, lease-up potential, and ideal location just minutes from Interstate 95 and walking distance from the Tri-Rail,” said Crotty. “Although 100% of the property is in use, our Capital Markets team creatively marketed the development potential in the existing parking lot, therefore uncovering the land’s intrinsic long-term value, enhancing overall interest, and ultimately achieving a record price-per-square-foot.”

“The Pinnacle Corporate Park sale represents the trend of large funds and institutional owners’ confidence to buy and sell large office assets as pandemic-driven concerns wane,” said Duckworth. “In Broward County, we see a strengthening uptick in investor demand for well-located suburban office assets as corporate decision-makers and C-suite executives relocate to South Florida, bringing businesses and money to invest.”

Pinnacle Corporate Park is in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.

DRA Advisors Lists Pinnacle Corporate Park Portfolio In Fort Lauderdale

A fund managed by DRA Advisors LLC has entrusted Avison Young’s Florida Capital Markets Group to sell Pinnacle Corporate Park, a two-building, class A office portfolio at 500 and 550 W. Cypress Creek Road in Fort Lauderdale, Florida. Avison Young Principals John K. Crotty, CCIM; David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Greg Martin, and George Vail will lead the sale. The transaction team also includes Avison Young Vice President Brian C. de la Fé and Associates Berkley Bloodworth and Emily Brais.

The asset totals 259,458 square feet on 14.31 acres in Broward County’s Cypress Creek submarket. Pinnacle Corporate Park is positioned in the heart of Fort Lauderdale’s Uptown Urban Village, a master plan that supports the development of a thriving, transit-supportive, mixed-use neighborhood. Its offices are less than a mile from Interstate 95 and directly accessible from the Cypress Creek Tri-Rail station.

“Pinnacle Corporate Park is the most desirable property in the Cypress Creek submarket due to its strong occupancy, rental rate growth, and immediate potential for lease-up,” said Crotty. “In addition to the existing value, the offering provides the opportunity to maximize land on the site in the coming years through residential development.”

Pinnacle Corporate Park coming to market represents the trend of large funds and institutional owners’ confidence to sell large office assets again, as sales declined immediately following the pandemic. The deal would be similar to the recent $78.42 million Plantation Crossroads three-building portfolio sale.

“We are seeing an uptick in demand for investors looking to deploy capital in well-located South Florida office assets,” said Duckworth. “Pinnacle Corporate Park is ideally situated near major expressways, transit, and amenities, and provides the perfect opportunity.”

America's Southernmost Marina Key West Harbour Sells For $39.5 Million

Key West Harbour, the southernmost marina facility in The United States located in Key West, Florida, totaling 13.1 acres, has sold for $39.5 million. Avison Young Principal George Vail represented the seller, iStar Inc. Key West Harbour is located on Stock Island, a transformative tourist enclave in Key West, emerging with luxury hotel, boating, and recreational fishing. George Vail describes the property as a rare high-quality asset that offers strong in-place cash flow and potential for rent increases and redevelopment opportunities. Key West Harbour, located at 6000 Peninsular Ave., Key West, is also Key West’s sole hurricane grade, dry rack storage facility.

“Stock Island has traditionally been known as a commercial fishing destination and is emerging as a tourist, luxury hotel, boating, and recreational fishing mecca,” said Vail. “Key West Harbour is a rare high-quality asset that offers strong in-place cash flow and potential for rent increases and redevelopment opportunities.”

Key West Harbour was completed in 2008 and features 99 wet slips, 375 indoor dry racks, 13 outdoor dry racks, and six workforce and market rental apartment units. The class A hurricane rated marina also offers several amenities including a clubhouse featuring a full-service restaurant and pool, event space for weddings, and a private beach.

“After Hurricane Irma, there was an initial pause with the influx of investments within the Keys,” added Vail. “Economic advantages and geographic anomalies remained, and activity has significantly rebounded.”