True North Buys South FL Office Asset for $51M
- Feb 05, 2018
CBRE Capital Markets has arranged the sale of Sawgrass Pointe I, a 230,668-square-foot, Class A office building in Sunrise, Fla. An institutional investor sold the asset to New York-based True North for $51.1 million. According to Yardi Matrix, the previous owner was Starwood Capital Group.
Wells Fargo Bank facilitated the deal with $36.4 million in acquisition financing, public records show. Located at 1000 Sawgrass Corporate Parkway, the property was completed in 2002 and recently underwent common area upgrades. Sawgrass Pointe I is currently 96 percent leased to a total of 17 tenants, with a remaining average lease term of more than five years.
Diverse tenant base
The property is part of Sawgrass International Corporate Park and features a parking ratio of five spaces per 1,000 square feet. The South Florida office park serves as the regional headquarters to several notable tenants, including Ford, Fidelity Information Systems, AT&T, American Express and Harris Corp.
Vice Chairman Christian Lee and Senior Vice President José Antonio Lobón represented the seller in the transaction. The advisory team also included Vice President Amy Julian, Senior Vice President Chris Gallagher and Financial Analyst Tyler Ploshnick.
“Sawgrass Pointe I is located in South Florida’s largest office park, Sawgrass International Corporate Park, which is strategically bounded by the Sawgrass Expressway, interstates 75 and 595,” Lobón explained in prepared remarks. “Being at the nexus of three major South Florida roadway systems offers the business park unmatched access—an estimated 5.6 million people, more than 90 percent of South Florida’s population, live within a 60-minute commute.”
Image courtesy of CBRE