Avison Young facilitates off-market $4.095 million acquisition of 27,312-SF Chase Bank Office Building in Bustling East Brow
Ft. Lauderdale, FL— Avison Young completed a $4.095 million off-market acquisition of Chase Bank Office Building, a 27,312-square-foot 3-story office building located at 3201 North Federal Highway in Oakland Park, Fla. David Duckworth, Vice President of Investment Sales with Avison Young, represented the buyer, MCTUCHAUS LLC, in this transaction.
The second investment sale Duckworth closed in the past week, this transaction is consistent with the trend of Broward County’s submarkets leading investment sale activity in 2014.
“We saw untapped opportunity in this asset and approached the ownership of the building directly to begin discussions for this off-market sale,” said Mr. Duckworth. “The building has a long-term income stream from an existing credit tenant and great upside potential for the future.”
Positioned at the corner of one of Broward’s most sought after intersections, Federal Highway and Oakland Park Boulevard, the Chase Bank Office Building is a three-story building catering to a variety of medical and general office tenants.
“As the ownership was not motivated to sell this asset, the negotiation process was long and complicated,” continued Duckworth. “Ultimately, we were able to arrive at a mutually acceptable deal for the previous ownership, and a strategic acquisition for my 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 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.