Avison Young completes 42,600 SF of leases valued at $4 million in one month
Ft. Lauderdale, FL— Avison Young completed 4 transactions totaling 42,600 square feet valued at $4 million in less than one month. High-level execution meets value and speed as David Duckworth, Vice President of Investment Sales with Avison Young, traversed the tri-county area to facilitate the multimillion-dollar leases representative of an uptick in “flight to quality” for small to mid-size tenants.
The transactions include:
- Duckworth represented CHS Inc. in a 20,000-square-foot lease renewal in Miami Lakes, Fla.
- Duckworth represented MAC Healthcare Group, LLC, in a new lease for 5,500 square feet at Flamingo Park of Commerce, located at 12002 Miramar Parkway in Miramar, Fla.
- Duckworth represented Privid Eye Systems Corp. in a new lease for 6,600 square feet at Meridian Business Campus, located at 3265 Meridian Parkway in Weston, Fla.
- Duckworth represented Boca Gallery Properties, LLC, ownership of Gallery Center, in a new lease transaction for 10,500 square feet to Consumer Education Group. The building is located at 604-622 Banyan Trail in Boca Raton, Fla.
“With vacancy decreasing across the board in South Florida, tenants are looking to lock in space today, before rates push higher,” said Mr. Duckworth. “The spur of activity we are seeing in the office and industrial submarkets is representative of the larger trend of positive movement in the overall market.”
According to recent market reports, small to mid-size tenants are still hesitant about the market but making moves as demand for space continues to increase, vacancy decreases and new construction is minimal. In turn, rental rates are beginning to push higher as noted by 6.6 percent year-over-year increase for Broward County industrial, a slight increase in Class B office in Palm Beach County and landlord concessions decreasing.
David Duckworth handled the $6.5 million sale of Gallery Center in July 2013 on behalf of the previous ownership. His team oversaw capital improvements to enhance curb appeal including painting, landscaping and new signage, and spearheaded the successful increase of occupancy at the Class B building.
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 and investment sales in South Florida, please contact Mr. Duckworth at (954) 903-1806 or visit www.avisonyoung.com/offices/south-florida-boca-raton.
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 1,500 real estate professionals in 57 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.
For further information/comment/photos:
• David Duckworth, Vice President of Investment Sales, Avison Young: 954.903.1806
Avison Young was a winner of Canada’s Best Managed Companies program in 2011 and 2012 and requalified in 2013 to maintain its status as a Best Managed company.
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