The Real Deal Miami

Sunrise office building sells for $11M

Property sold for more than double its last selling price of $4.8M in 2012
January 12, 2015 04:00PM

7771 W. Oakland Park Boulevard in Sunrise, Fla.

7771 West Oakland Park Boulevard in Sunrise

An office building in Sunrise sold for nearly $11 million last week.

An affiliate of Douglas Pike Associates purchased the renovated 94,000-square-foot Atrium West building for $10.95 million.

David Duckworth, Avison Young vice president of investment sales, represented the seller, ROVI Properties, who bought the class B property in 2012 for less than half of the selling price —  $4.8 million. 

Atrium West, located at 7771 West Oakland Park Boulevard, is 90 percent occupied and has undergone recent renovations, including new porcelain tile floors, modern furniture throughout the new lobby, and fresh landscaping, among others. The property’s lot size is 306,609 square feet, according to Broward County records. Atrium 93, a shell corporation for ROVI Properties, is listed as the seller.

“With office building sales continuing to improve in Broward due to strong leasing activity and rising rental rates, this sale is a testament to the renewed confidence in the market for office investors,” Duckworth said in a statement. — Kristina Puga