A partnership led by Starwood Capital Group just sold another one of its office buildings within Sawgrass International Corporate Park in Sunrise, this time for $27.25 million.
SVT Sawgrass Point II LP, tied to Starwood, sold Sawgrass Pointe II at 1200 Sawgrass Corporate Parkway for about $280 per square foot to a joint venture between Barron Collier Cos. and Vanderbilt Office Properties, property records show. The partners financed the deal with a $13.55 million loan from Wells Fargo Bank.
Records show Sawgrass Pointe II last traded for $20 million in 2015. The property was part of a larger nine-property office portfolio that Duke Realty sold for a total of $178.3 million.
The 95,800-square-foot, three-story building is home to automobile giant Ford Motor Co. and Performant Financial Corp.
Barron Collier Companies now has a 97 percent interest in the building, with the remaining 3 percent owned by Vanderbilt Office Properties.
Earlier this year, the partnership, including Starwood, Trinity Capital Advisors and Vanderbilt Office Properties, sold Sawgrass Pointe I for $51.1 million.
Barron Collier Companies is a family-run company that has operates commercial real estate, residential properties, oil exploration, agri-business and golf courses in Florida. Collier County in southwest Florida is named after the company’s founder, Barron Collier, who in the 1920s amassed a large portfolio of land in the area.