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5870 Hiatus Rd, Tamarac, FL...

Tom Viscount Of Avison Young Facilitates Sonny's HQ Lease In Tamarac Office Deal
LEASEDOffice

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

Thomas Viscount

Savills

Broker

$14.2M

vol

8 deals

Broker

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