The Miller Legg Building—also known as Nexus Business Center—has traded hands. It sold for $2.35 million, but there’s a bigger story behind the numbers.
Ronald W. Osborne represented the seller, AVS Security System.
Berger Commercial Realty Corp. principal Keith R. Graves, principal, along with sales associate Jonathan Thiel, sales associate, represented the buyer in this transaction.
The office building sits on a 1.67-acre lot at 5701 to 5775 North Andrews Way in Fort Lauderdale, FL. The 21,871-square-foot asset is within the epicenter of the reemerging Cypress Creek submarket and business sector.
“Due to the value-add opportunities this asset provides, the strategy for the sale was to allow the market to stabilize before listing the building,” Osborne tells GlobeSt.com. “As a result, our marketing efforts resulted in multiple advantageous offers from investors seeking to benefit from owning a property in one of Fort Lauderdale’s most active submarkets.”
The building is home to notable, long-term tenant Miller Legg and offers opportunities for North Andrews Way Corp., the buyer. Specifically, North Andrews can restructure the additional existing leases and fill the few vacancies to create added value and more equity in the near-term.
Broward County saw 12 consecutive quarters with positive net absorption through to the third quarter of 2015, with Cypress Creek performing as one of the most active submarkets. The Miller Legg Building is located within this high-barrier-to-entry submarket with easy access to Interstate 95. The building is right next to the Cypress Creek Tri-Rail Station.
“Throughout South Florida, financially sound owners continue to market their properties, realizing they can make substantial gains due to the many interested buyers seeking opportunities,” says Osborne. “At the same time, astute investors are moving quickly to benefit from today’s advantageous economic climate while the window remains open. Resulting from the brisk market activity, properties offering a valued location, beneficial financials, and a fair market price are limited.”