Harbor Group Buys South Florida Office for $33M
- Jul 29, 2019
Harbor Group International has acquired the 100,710-square-foot 1340 Concord office building in Sunrise, Fla., for $32.5 million. The asset last traded 10 years ago, when Seiler acquired it through a double escrow deal, according to Yardi Matrix data.
Located at 1340 Concord Terrace, within the office hub of Sawgrass International Corporate Park, the asset is roughly 3 miles from interstates 75 and 595. Additionally, the property is 17 miles from Fort Lauderdale International Airport and close to Sawgrass Mills Mall as well as other retail and dining options. According to a recent CBRE report, the Sawgrass Park submarket of Fort Lauderdale currently has a 6 percent vacancy rate and is expected to decrease to 4.6 percent in the next two years.
Completed in 1997 on a 10.1-acre site, the three-story asset comprises flexible single-floor and whole-building floorplans and is fully leased to technology firm Ultimate Software Group. The new owner intends to implement an improvement program at the property.
At the beginning of the year, Harbor Group International partnered with Paramount Group to acquire a 293,000-square-foot office in San Francisco. The property traded for $227 million.