FORT LAUDERDALE, FL—Atrium West, an office building in Sunrise, FL, is demonstrating the worth of renovated class B assets. The 94,000-square-foot office building just sold for $11 million—more than doubling the value in just two years and marking renewed investor interest in Broward's suburban office market.

David Duckworth, vice president of Investment Sales at Avison Young, represented the seller, ROVI Properties. ROVI purchased the class B property in 2012 for $4.8 million. Wells Fargo sold the asset in 2012 at a 51% loss, so the asset essentially regained value it lost in the downturn.

“Upon the seller's request not to widely market the property and only share the opportunity with a handful of buyers, we were tasked with locating an investor that was looking to acquire an asset which fit the exact profile of Atrium West,” explains Duckworth. “We were able to secure a buyer who was attracted to the quality and stability of the asset. After a complex negotiation process, the ultimate result was the successful completion of a transaction with our client more than doubling their initial investment.”