Dealmaker: Avison Young Completes $15M Office Park Sale in South Florida

(Courtesy Avison Young)

Avison Young, Toronto, announced its Florida Capital Markets Group completed the $15.4 million sale of Plantation Medical Office Park, a six-building medical office campus in Plantation, Fla.

Avison Young Principals John Crotty, David Duckworth, Michael Fay (also Managing Director of the firm’s Miami operations) and Brian de la Fé sold the asset on behalf of PPP Capital. The buyer was Bezrat H. Corp.

“Located in one of Broward County’s most desirable office submarkets, Plantation Medical Office Park is 98% occupied with a rent roll composed entirely of medical tenants, many of which have been there for decades and have expanded their operations and occupied additional space,” Crotty said. “The buyer will benefit from stable, long-term cash flow as the asset appreciates and the option to fulfill the property’s significant value-add potential through developing a vacant pad previously approved for a two-story 22,000-square-foot medical building.”