The Real Deal Miami

Bank of America Center in Coral Springs hits the market

Property listed by Avison Young last sold for $8.5M in 2005

July 30, 2015 09:45AM

  • Print
Bank of America Center

Bank of America Center in Coral Springs

A northwest Broward Class A building, the Bank of America Center, is now on the market.

Avison Young has listed the 48,724-square-foot multi-tenant office building at 1401 North University Drive in Coral Springs, the commercial real estate firm announced. Avison Young said the property is being listed without a price, in a “competitive bidding process.”

Broward property records show the building is owned by Realty Associates Fund VII, managed by Boston-based TA Realty, an investment advisor and asset management firm. The last purchase price was $8.5 million in 2005.

The property is being listed by David Duckworth, vice president of investment sales for Avison Young. Duckworth has been involved in $50 million in transactions during the past year, including selling a Sunrise office building for nearly $11 million in January.

“The asset is currently 41 percent leased which provides investors the opportunity to create value with aggressive management and leasing efforts or to reposition the asset for a potential retail redevelopment,” Duckworth said of the Coral Springs building, in a statement.

Anchored by Bank of America, the six-story property was built in 1986 and sits on 2.51 acres.

“The Coral Springs office market sustained heavy losses during the downturn in part due to the proportion of tenants involved with the residential real estate industry,” Duckworth said. “The majority of the Broward County office market has experienced a great deal of absorption over the past year and Coral Springs is on the brink of similar success.” — Ina Cordle