Weston office building listed for sale, could fetch $15M
1725 Commerce Parkway, with 52,960 square feet, is fully leased to Altegra Health
October 07, 2016 03:00PMBy Ina Cordle
1725 North Commerce Parkway and David Duckworth
An office building in Weston leased to Altegra Health has hit the market and could fetch $15 million.
The 52,960-square-foot office building at 1725 Commerce Parkway in the Weston Park of Commerce is being listed by Avison Young. David Duckworth, principal of investment sales for Avison Young, is spearheading marketing.
While the building does not have a listing price and is aimed to sell to the highest bidder, the expected sale price is at least $14.5 million to $15 million, Duckworth told The Real Deal. At $15 million, the price would equate to $283 per square foot. Recent renovations include a new roof.
Last year, Avison Young secured the the long-term lease with the current tenant, Altegra Health. According to CoStar Group, Altegra’s rent is $18 per square foot, triple-net.
The building is owned by Realty Associates Fund Viii. The investors paid $10 million, or $189 per square foot, for it in 2006, CoStar Group data shows.
Southwest Broward County’s office market has shown decreasing vacancy rates, which are currently pegged at 14.6 percent, according to the Avison Young.
Source: The Real Deal