Avison Young completes $6 million sale of Cypress Creek Tower within six weeks of listing date

Quick-to-close sale transaction within second largest Broward County office submarket represents heightened investor confidence and demand

Ft. Lauderdale, FL – July 14, 2015 – (RealEstateRama) — Avison Young today announced the completion of the sale of Cypress Creek Tower, a 61,917 square-foot five-story office building at 800 West Cypress Creek Road in Ft. Lauderdale, Fla, which sold within just six weeks of being listed. Avison Young’s Michael T. Fay, Principal and Managing Director, Miami, and John K. Crotty, CCIM, Principal also with Avison Young, represented the seller, LNR, during the $6,037,500 disposition to COLE International Investments, LLC.

“Investors have taken note of South Florida’s strengthening office market as an opportunity to bolster their real estate portfolios,” said Fay, whom with Crotty also closed the recent sale of Courthouse Commons, a 92,585-square-foot five-story class A building in West Palm Beach, for $18,000,000. “Due to dropping vacancy rates experienced throughout the Broward County office market, more and more office properties are being picked up quickly by investors seeking the potential of a hefty ROI as a result of a market conducive to increasing rents.”

In addition to seller representation during the transaction, Avison Young is the exclusive firm overseeing leasing and management of Cypress Creek Tower which allowed the team to work closely with asset management – spearheaded by John Mitchell, Senior Vice President with LNR – to strategically position the property in preparation for the disposition, as demonstrated with the signing of new leases with Mercantil Commerce Bank and Clearchoice Dental totaling 11,642 square feet. This, coupled with Avison Young’s keen understanding of market topography, resulted in the rapid interest of qualified buyers and continued the firm’s trend of expedited sales throughout South Florida.

“The second largest office submarket in Broward County with 3.7 million square feet of office product, Cypress Creek is one of the most in-demand submarkets,” said Crotty. “Buyers are willing to invest in properties within markets where there is positive growth and strength, and the Cypress Creek Tower transaction is a clear example.

Cypress Creek Tower is a class B, 75 percent occupied building situated on the south side of the busy Cypress Creek corridor with direct frontage on Cypress Creek Road boasting a traffic count of 57,000 cars per day. Conveniently located directly off of I-95, the property is also within close proximity to Florida’s Turnpike and the Cypress Creek Tri-Rail Station, providing easy access for a tri-county workforce. Tenants enjoy area amenities including a variety of restaurants, retail, banks, childcare options and fitness centers.

Avison Young’s operations provide best-in-class services to local, national and international clients while also networking with the firm’s other offices across the U.S. and Canada. For more information about Avison Young in Miami, please contact Mr. Fay or Mr. Crotty at (305) 446-0011 or visit http://www.avisonyoung.com/offices/miami.

Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,900 real estate professionals in 67 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties