Starwood Capital Group sells Sunrise office building for $51M

Class A building is 96% percent leased

Miami /
Feb.February 02, 2018 11:30 AM

Barry Sternlicht and Sawgrass Pointe I

Starwood Capital Group just sold an office building in Sunrise for $51.1 million.

SVT Sawgrass Point I LP sold Sawgrass Pointe 1, a 231,000-square-foot, six-story Class A building at 1000 Sawgrass Corporate Parkway, to True North, an investment management firm based in New York.

Starwood paid $44 million for the building in 2015, property records show. Duke Realty sold it in 2015 as part of a nine-property office portfolio it sold to Starwood Capital, Trinity Capital Advisors and Vanderbilt Office Properties for $178.3 million, part of a $1.1 billion sale in four states.

The building is within the Sawgrass International Corporate Park, home to the regional headquarters for Ford, Fidelity Information Systems, AT&T and American Express, according to a press release. Sawgrass Pointe was completed in 2002 and is 96 percent leased to 17 tenants with a remaining average lease term of more than five years.

CBRE’s Christian Lee and José Lobón represented the seller along with Amy Julian, Chris Gallagher and Tyler Ploshnick, according to the release. – Katherine Kallergis


Related Articles

arrow_forward_ios
1500 Concord Terrace and Atal Bansal, founder and CEO of Chetu (Photos courtesy of Chetu)
Software firm Chetu buys Sunrise office property for $25M
Software firm Chetu buys Sunrise office property for $25M
T-Mobile store logo (Getty) and 4850 Northwest 103rd Avenue in Sunrise, Florida (Google Maps)
Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
Joseph Kavana with Metropica.
Joseph Kavana lands $30M loan for existing condo inventory at Metropica
Joseph Kavana lands $30M loan for existing condo inventory at Metropica
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Sunrise Corporate Plaza at 1300 Sawgrass Corporate Parkway with Stiles CEO Kenneth Stiles (right) and IP Capital Partners president Jason Isaacson (CBRE, Stiles, IP Capital)
Stiles sells Sunrise office building to IP Capital for $25M
Stiles sells Sunrise office building to IP Capital for $25M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...