The Real Deal Miami

Atlanta REIT sells Sunrise corporate park for $75M

Properties last sold in 2012 for a combined $51.5 million

October 19, 2015 10:30AM
By Katherine Kallergis

  • Print
Sunrise corporate park

Sawgrass International Corporate Park in Sunrise

Houston, Texas-based M-M Properties has purchased a business park in Sunrise for $75 million — a 45 percent increase from its last sale, according to Broward County records.

Brookdale Six REIT sold four Class A office buildings, made up of Corporate Centre I, International Place, Corporate Centre III and Sawgrass Plaza – all part of the Sawgrass International Corporate Park.

The REIT, part of the Atlanta-based Brookdale Group, acquired the properties in July 2012 for a combined $51.5 million, according to Broward County property records.

  • Corporate Centre I: 1551 Sawgrass Corporate Parkway, 92,243 square feet, built in 1997
  • International Place: 1560 Sawgrass Corporate Parkway, 101,299 square feet, built in 1999
  • Corporate Centre III: 1601 Sawgrass Corporate Parkway, 93,633 square feet, built in 2000
  • Sawgrass Plaza: 1550 Sawgrass Corporate Parkway, 61,499 square feet, built in 1998

M-M Properties is a privately held real estate investment firm. Its affiliate, Sawgrass Office FL Joint Venture, took out a $51 million mortgage to finance the deal. JPMorgan Chase is the lender, records show.

Earlier this year, a 15,000-square-foot flex warehouse at the same development sold for $1.65 million.