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Sawgrass Pointe Office Bldg Sells for $51.1M

True North Buys Home to Ford, AT&T
February 1, 2018
True North Management Group., a New York-based investor, on Wednesday paid $51.1 million for Sawgrass Pointe I, a 4-Star office building in Sunrise, FL. Starwood Capital Group sold the 230,668-square-foot building at 1000 Sawgrass Corporate Pky for nearly $220 per square foot.

Starwood acquired the asset from Duke Realty for $44 million ($191 /SF) in April 2015 as part of a larger, multi-state portfolio sale totaling nearly $1.09 billion, according to CoStar data.

The six-story building was built in 2002 and is currently 96-percent leased to 17 tenants, including Ford, AT&T, American Express and Ticketmaster. All have regional headquarters at the building, located within the Sawgrass International Corporate Park.

Sawgrass is the largest office park in South Florida, according to Christan Lee, vice chairman with CBRE, which represented the seller. The park is near the Sawgrass Expressway, Interstate 75 and Interstate 595, making it an ideal employment center in South Florida, observers say.

"That Sawgrass market continues to be on fire," said Peter Reed, a broker with Commercial Florida Realty Services in Boca Raton, FL 'They're not making any more dirt out there, and those buildings are more and more coveted."

Vacancy in the Sawgrass Park submarket has averaged in the single digits over the past six years and currently is 7.6 percent, according to CBRE. Lee said those strong real estate fundamentals and continued economic growth will offer strong returns for sellers and fair value for buyers.

"I suspect you will see more trades in the market," he said. "A lot of times you see pricing ahead of reality, but that's not the case today."

Lee worked on this latest sale with Jose Lobon, Amy Julian, Chris Gallagher and Tyler Ploshnick. The buyer did not have representation.

Please see CoStar COMPS #4123438 for additional information on the transaction.

Paul Owers, South Florida Market Reporter  CoStar Group   
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