Ft. Lauderdale-Area Office Building Sells for $21M
- Mar 12, 2019
Cushman & Wakefield has arranged the $20.8 million sale of Corporate Center II, a 91,221-square-foot office building in Sunrise, Fla. The U.S. real estate arm of UBS Asset Management sold the Class A property to a partnership between Vanderbilt Office Properties and Barron Collier Cos.
Located at 1571 Sawgrass Corporate Parkway, the four-story asset is within Sawgrass International Corporate Park, a 612-acre master-planned office campus. Corporate Center II was completed in 1998 and features an on-site café, a two-story lobby, vaulted ceilings and a parking ratio of 4.4 per 1,000 square feet.
Nearing full occupancy
The Cushman & Wakefield team of Vice Chairman Mike Davis, Managing Director Dominic Montazemi and Executive Directors Scott O’Donnell and Rick Brugge acted on behalf of the seller. At the time of deal, the property was 98 percent leased to tenants including Cigna Insurance, Synechron and Heritage Insurance. According to Yardi Matrix data, Corporate Center II previously changed hands for $13.9 million in November 1998.
The asset provides easy access to Sawgrass Expressway as well as interstates 75 and 595. Sawgrass International Corporate Park, home to more than 3 million of office and industrial space, is proximate to the Sawgrass Mills Shopping Center, Starbucks, LA Fitness and Panera Bread, among other surrounding amenities.
“The amenity-rich setting, high visibility and exceptional parking ratio make Corporate Center II an attractive asset to a wide variety of corporate tenants,” Davis said in prepared remarks.
Recently, a subsidiary of Bridge Investment Group acquired Sawgrass Technology Park, an 11-building complex, also within the suburban office park. Fifteen Group sold the property for $74.3 million.
Image courtesy of Cushman & Wakefield