Bank Of America Center Up For Grabs

Written by on 08.04.15 in Office - No comments

Bank of America Center, a 48,724 square foot class A multi-tenant office building,  is up for sale. The office building is located at 1401 North University Drive in Coral Springs.

Avison Young has listed the office building for sale. No price was listed.

Avison vice president of investment sales David Duckworth will launch a bid process for the office asset. Over the past year, he’s been part of transactions valued at $50 million

“The asset is currently 41% leased which provides investors the opportunity to create value with aggressive management and leasing efforts or to reposition the asset for a potential retail redevelopment,” says Duckworth. Anchored by Bank of America, the six-story institutional-owned office building was built in 1986 and sits on about two and a half acres at the hard corner of a signalized intersection within the Northwest Broward/Coral Springs office submarket.

“The Coral Springs office market sustained heavy losses during the downturn in part due to the proportion of tenants involved with the residential real estate industry,” says Duckworth. “The majority of the Broward County office market has experienced a great deal of absorption over the past year and Coral Springs is on the brink of similar success.”

The office building is near the Sawgrass Expressway, US Highway 441/SR 7, and Florida’s Turnpike. Bank of America Center is also surrounded by multiple retail amenities including Coral Breeze Plaza (a Whole Foods-Anchored Center), Ramblewood Square (a Publix-Anchored Plaza) and Coral Square Mall (a950,000-square foot Macy’s-Anchored Shopping Mall). Avison says this gives investors with a potential retail redevelopment option.

 

Source: GlobeSt.

 

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