Fifteen Group pays $12M for office building in Plantation
The Miami investment firm bought the property, leased to AT&T, from an affiliate of Winthrop Realty Trust
Fifteen Group Capital just paid $12 million for an office building leased to AT&T in Plantation.
8601 West Sunrise Owner LLC, which is connected to the Miami private investment firm, bought the 13.72-acre property at 8601 West Sunrise Boulevard for $874,635 per acre. Fifteen Group Capital bought the property from FT-Florida Property LLC, a Delaware company which lists its address the same as Winthrop Realty Liquidating Trust.
The property includes a 130,549-square-foot, two-story office building that is home to an AT&T training center.
AT&T has been the only occupant at the property since it was developed in 1985 and has a lease expiring in March 2020, according to a release from NFK Capital Markets.
NKF’s Michael Lapointe and Michael Lohmann represented the owner, FT-Florida Property LLC, along with Brian Bartlett and John Richardson from Newmark Phoenix Realty Group.
Lohmann said the new owner has plans to reposition the property in the future.
FT-Florida Property LLC purchased the building for $28.2 million in 2004. Winthrop Realty Trust has been slowly liquidating its real estate assets since 2014.
Fifteen Group is headquartered in Miami and is led by Mark and Ian Sanders. In July, the firm sold FedEx’s downtown Miami building for $37.25 million, nearly double what it paid for the building in 2014.
Overall, South Florida’s office market is showing some signs of cooling off after years of low vacancy rates and strong demand. In Broward County, net absorption totaled negative 107,000 square feet in the second quarter, down from a positive 202,070 square feet absorbed in the second quarter of 2017, according to JLL.