The Real Deal Miami

Avison Young sells office building within 90 days

The brokerage closed the sale of the the six-story building on behalf of an unidentified seller

October 24, 2015 01:00PM

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Bank of America Center in Coral Springs.

Bank of America Center in Coral Springs.

Brokerage firm Avison Young said it completed the sale of a 50,000-square-foot office building in Coral Springs within 90 days of listing the property.

Avison Young said the Bank of America Center was listed for sale without an asking price. Terms of the sale were not disclosed.

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

The six-story building, anchored by Bank of America, was built in 1986 on a 2.51-acre site on the corner of a signalized intersection.

The new owner of the property at 1401 North University Drive in Coral Springs is KEI Properties.

“We conducted a competitive bid process in order to generate a top-of-the-market sale price within a short timeframe,” David Duckworth, vice president of investment sales at Avison Young, said in a prepared statement. “As market conditions continue to improve, value-add investment opportunities in South Florida are becoming scarce.”

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