Sawgrass Technology Park sells for $52M

May 24, 2013 11:00AM

Sawgrass Technology Park

A company managed by Miami-based Fifteen Group purchased a spacious office complex in Sunrise, Fla., at a steep discount from its 2005 sales price, Daily Business Review reported.

Fort Lauderdale-based Stiles Corp. sold the Sawgrass Technology Park at 1601 NW 136th Ave. for $52 million, one-third less than the $79 million it paid for the complex in 2005, the Review said, citing Broward County property records.

Fifteen Gap Sawgrass LLC, a company managed by Fifteen Group, used a $40.84 million Wells Fargo loan towards the purchase.

Tenants of the 63-acre park developed in 1985 with more than 645,000 square feet of office and multi-use space in 12 buildings include Air France, Cross Country Health Services Inc. and the Broward County School Board, the newspaper said.

The Sawgrass Technology Park’s sales price is nearly identical to the $51.5 million a company managed by the Brookdale Group of Atlanta paid for office buildings at 1550, 1551, 1560 and 1601 Sawgrass Corporate Parkway last July. Like Fifteen Group, Brookdale paid a huge discount from the previous boom-era sale price of $86.5 million in September 2007, the Review said. [Daily Business Review]Emily Schmall