News Item - West Palm Beach
Avison Young closes $13.5M sale of 75,026 SF single-tenant, triple net lease industrial building in Sunrise, FloridaNovember 3, 2021
Sunrise, Fla. – Avison Young’s Florida Capital Markets Group negotiated the $13,468,000 sale of the 75,026-square-foot single-tenant, triple net lease industrial building in Sawgrass International Corporate Park at 403 Sawgrass Corporate Parkway in Sunrise, Florida. The building is fully leased by Optimum Nutrition®, a multinational publicly traded company and the #1 performing nutrition brand globally.
On behalf of the seller, 403 Sunrise Parkway LLC, the sale was spearheaded by Avison Young Principals David Duckworth; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; John C. Crotty, CCIM; Vice President Brian de la Fé; and Associate Berkley Bloodworth. SAFCO Capital Corp. was the buyer.
“The property represented a rare opportunity to secure a single-tenant, triple net lease building occupied by a mission-critical facility for a tenant that has been operating at the location for over 13 years,” said Duckworth. “The in-place lease has approximately 5 years of the primary term remaining with built-in annual increases, which made the property an extremely attractive investment for buyers.”
Broward County’s industrial market continues to outperform all other asset types throughout 2021, reporting a 6.3% overall vacancy rate at the end of third-quarter 2021. The property is located in the active West Sunrise industrial market, where lower average rents provide investors the opportunity to create additional value in the long term.
“We received tremendous interest in this asset from the new capital that has been flowing into South Florida,” said Fay. “Our ultimate winning bidder was an aggressive California-based 1031 investor.”
The Optimum Nutrition building sits on five acres in Sawgrass International Corporate Park, South Florida’s largest corporate park featuring 612 acres of prime sites and facilities for corporate headquarters and regional office operations. It is strategically bound by Interstate 595, Interstate 75, and Sunrise Boulevard, offering excellent highway visibility and easy access to Fort Lauderdale-Hollywood and Miami International Airports. Nearby amenities include the Sawgrass Mills Regional Mall, Florida’s largest outlet retail center and the eighth largest shopping center in the U.S. with 2.4 million square feet of retail space and over 350 stores and restaurants.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
David Duckworth, Principal, Avison Young: 954.938.1806
Michael T. Fay, Principal and Managing Director, Avison Young – Miami: 305.447.7842
John K. Crotty, Principal, Avison Young – Miami: 305.447.4865