Investor Doubles Value On Sale Of Sunrise Building

Written by on 01.13.15 in Done Deals, Office - No comments

The Atrium West office building in Sunrise sold for more than double its value after just over two years under its previous owner.

Atrium 93, a Fort Lauderdale-based company led by David L. Rodriguez, sold the building at 7771 W. Oakland Park Blvd. for $10.95 million to Atrium Sunrise, an affiliate of Smithfield, R.I.-based Douglas Pike Associate. CMFG Life Insurance Co. provided a $6 million mortgage to the buyer. David Duckworth, of Avison Young, represented the seller.

AtriumWestSunrise2Rodriguez’s Fort Lauderdale company bought Atrium West out of foreclosure in May 2012 for $4.8 million. Built in 1983, the 87,890-square-foot office was renovated by the new owner. Rodriguez said the company spent $1.5 million to $2 million on renovations to the common areas, restrooms, lobby, corridors and the tenant space. It went from 55 percent occupied when his group acquired it to nearly 90 percent occupied now, Rodriguez said.

According to a recent online listing, Atrium West has 9,482 square feet available for lease and is asking $12.50 a square foot. “The return on equity investment was a 2.5 to 3 multiple,” Rodriguez said.

Going forward, Rodriguez said he’s looking for a value-added office opportunity in Orlando or Tampa because there’s a shortage of such deals in South Florida. “We were able to secure a buyer who was attracted to the quality and stability of the asset,” Duckworth said. “After a complex negotiation process, the ultimate result was the successful completion of a transaction with our client more than doubling their initial investment.”


Source: SFBJ

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