FORT LAUDERDALE, FL—Miramar Professional Plaza, a 29,400-square-foot office building in Miramar, FL, just sold for $3.3 million. That's not a high price but the appreciation is staggering. The property tripled in value within two and a half years.

David Duckworth, vice president of Investment Sales with Avison Young, represented the seller, Palm Lakes II Associates. The office building is located at 8910 Miramar Parkway.

“The market remains very bullish, and it's being driven primarily by a large pool of investors seeking to place 1031 exchange proceeds,” says Duckworth. “The buyer of Miramar Professional Plaza was able to place his 1031 requirement with a quality office building. It is highly occupied and provides an attractive in-place cap rate return.”