AW Property Co. buys Riverbend office building in Fort Lauderdale for $6.5M

Asking rent for available space is $18 per square foot, triple net

Jun.June 27, 2016 10:30 AM

AW Property Co. purchased the majority interest of a Fort Lauderdale office building for $6.5 million.

An affiliate of True North Management Group sold the four-story building at 2307 West Broward Boulevard, records show. The property is within a larger, mixed-use community. It last sold as part of a 17.3-acre parcel in 2014 for $5.9 million.

The for-profit Strayer University is a tenant. Avison Young handles leasing for the nearly 67,000-square-foot Class A building, according to a Loopnet listing. Asking rent for available space is $18 per square foot, triple net.

TNHYIF REIV LIMA LLC, an entity controlled by Richard Gunthel and Paul Turovsky’s True North Management Group, is the seller. The White Plains, New York-based real estate investment management firm has made more than 60 investments valued at more than $965 million in the United States, according to its website.

The buyer focuses on medical and professional office properties in Florida’s major markets. AW, led by Brian Waxman, operates more than $1.5 million square feet of office space. AW picked up a West Palm Beach office building in September for about $10 million. Pebb Enterprises sold the Class B building at 1401 Forum Way.

The company’s new Fort Lauderdale building, which was completed in 2009, features high-end lobbies, fiber optics and is served by two FPL substations. It sits on a 22,177-square-foot lot.

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