The Real Deal Miami

Foundry buys out partner in Sunrise office complex

It last sold for $45M in 2014
By Amanda Rabines | March 30, 2018 05:30PM

Sawgrass Lake Center and Paul Ellis of Foundry Commercial (Credit: Foundry Commercial and HFF)

Orlando-based Foundry Commercial just bought out its partner in an office complex in Sunrise with American Realty Advisors for $57.4 million, property records show.

Long Wharf Real Estate Partners sold its stake in the 239,000-square-foot Sawgrass Lakes Center building at 13450 West Sunrise Boulevard and the adjacent parking garage. The property traded hands for about $240 per square foot.

Records show the Foundry-American Realty partnership financed the deal with a $43.8 million loan from Regions Bank.

The property last sold in 2014 for $45.2 million, and it hit the market in November with HFF, according to REAlert.

A spokesperson for HFF was not immediately available to comment and a representative for Foundry Commercial, previously CNL Commercial Real Estate, declined to comment.

Sawgrass Lake Center was built in 2001 on nearly 7 acres of land. It’s located across the street from the Sawgrass Mills Mall, at the southeast corner of Northwest 136th Avenue and Sunrise Boulevard.

Foundry invested $1.76 million in renovating the property, according to its website. Tenants include AT&T, Nuance Communications, First American Title, J.P. Morgan and AvMed.

Foundry and American Realty Advisors also partnered together to buy the 823,000-square-foot Miami Free Zone industrial complex in Doral for about $85.5 million last year. Earlier this year, the partnership bought a six-building business park in Doral for $22.8 million.