Tom Viscount Of Avison Young Facilitates Sonny's HQ Lease In Tamarac Office Deal
5870 Hiatus Rd, Tamarac, FL, 33321
Building Size
47,851 SF
Asset Type
Office
Closing
Nov 22, 2023
AI
Located at 5870 Hiatus Rd in Tamarac, FL, the office space at Westpoint Business Center spans 47,851 square feet. Avison Young facilitated a long-term lease for Sonny’s Enterprises, an international manufacturer specializing in conveyorized car wash equipment, parts, and supplies. This lease signifies the company's expansion, with the relocation of its corporate offices to this address. Sonny’s Enterprises already occupies a total of 350,000 square feet in Tamarac, which includes space in the adjacent Westpoint Distribution Center.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Tenant's Rep: Tom Viscount (Avison Young)
- Landlord: Unknown
- Market: Tamarac
Avison Young's Principal, Tom Viscount, acted as the tenant's representative in the lease negotiation. He played a crucial role in securing this new office headquarters for Sonny’s Enterprises within the business park. The decision to move the company's HQ to this location was influenced by the accessibility provided by the Sawgrass Expressway and Commercial Boulevard, along with the appealing nearby amenities. Furthermore, leasing activity in Broward County's office market has shown positive momentum in the third quarter of 2021, with a moderate 7.0% decrease in year-to-date leasing volume compared to the previous year.
Players
Tamarac Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93