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The Real Deal Miami

NAI, partnership scoops up office building in Sunrise

The 93,724 sf building traded for about $203 psf
By Amanda Rabines | October 31, 2017 12:00PM

International Place II (Credit: CBRE)

A partnership between NAI Merin Hunter Codman and C-III Capital Partners, an institutional investor, just scooped up an office building in Sunrise for $19 million, property records show.

The 93,724-square-foot office building, called International Place II, at 1580 Sawgrass Corporate Parkway traded for $203 per square foot. The partnership financed the deal with a $13.85 million loan from Branch Banking & Trust Co., records show.

The seller, Realty Associates Fund VIII, an affiliate of Boston-based TA Realty, bought the building in 2007 for $22.2 million – meaning it sold the four-story building at a slight loss.

CBRE’s Christian Lee, José Antonio Lobón, Amy Julian, Chris Gallagher and Tyler Ploshnick represented the seller, according to a press release.

International Place II sits on a 7.4-acre lot within the Sawgrass International Corporate Park.

Built in 2000, the office building features impact glass windows and recent common area renovations. Tenants in the office park include Ford, Fidelity Information Systems, AT&T, American Express, Harris Corporation, Xerox and TicketMaster, according to the release.

In 2015, a medical equipment manufacturer purchased a warehouse in the park for $100,000 off its last selling price of $1.75 million.