South Florida Office Campus Sells for $33M

The park has two buildings totaling more than 110,000 square feet and is fully leased to two long-term tenants.
Sawgrass Village
Sawgrass Village. Image courtesy of Cushman & Wakefield

MG3 Developer Group has purchased Sawgrass Village, a 112,456-square-foot office campus in Sunrise, Fla. RREEF Property Trust sold the Class B asset for $32.7 million. Cushman & Wakefield represented the seller and secured a 10-year, $21.3 million loan from Citigroup for the buyer.

Located at 789 and 799 International Parkway, Sawgrass Village occupies 11.3 acres within Sawgrass International Corporate Park, the 612-acre, master-planned business campus offering more than 3 million square feet of office and industrial space. Situated near the intersection of interstates 75 and 595, the property has direct access to Port Everglades and Fort Lauderdale-Hollywood International Airport.

Sawgrass Village consists of two single-story office buildings, fully leased to Comcast and Bolton Medical at the time of sale. Both tenants renewed their long-term agreements earlier this year, according to Yardi Matrix.

Earlier this year, Bridge Investment Group acquired an office park less than 2 miles north for $74 million. The 11-building campus comprises nearly 515,000 square feet.