CBRE Private Capital Group Arranges Sale of Bank-Owned Office Building
Sunrise, FL – May 16, 2012 – (RealEstateRama) — CBRE arranged the sale of Atrium West, a suburban office building at 7771 West Oakland Park Boulevard, for $4.8 million, or $51.79 per square foot. The bank-owned asset was sold to Atrium 93, LLC, a local private equity group. CBRE represented the seller, ATC Realty One, a limited liability company.
Atrium West is a two-story, 92,689-square-foot suburban office building located on a beautifully landscaped, 6.79-acre site at the northeast corner of University Drive and Oakland Park Boulevard. At the time of closing, the property was 62 percent leased.
“As a testament to both the buyer and seller’s commitment to completing this deal, the bank supported the buyer’s efforts during due diligence to firm up several of the near-term lease expirations. This was instrumental in facilitating financing but would have also benefitted the seller had the transaction never closed,” said Senior Vice President Scott O’Donnell of CBRE.
O’Donnell was joined in representing the seller by CBRE’s South Florida Private Capital Group members, Senior Associates Marty Busekrus and Dominic Montazemi, and Associate Miguel Alcivar. Year to date, the team has closed six transactions comprising nearly 500,000 SF for a total sales volume of $48.6 million.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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