Barron Collier, Vanderbilt buy building at Sawgrass International Corporate Park

It’s leased to Cigna Insurance, Heritage Insurance and Synechron

Miami /
Mar.March 11, 2019 12:31 PM

Casey Wold

A joint venture between Vanderbilt Office Properties and Barron Collier Companies paid $20.8 million for an office building at Sawgrass International Corporate Park.

The U.S. real estate arm of UBS Asset Management sold the 91,221-square-foot Corporate Center II in Sunrise, according to a release. Cushman & Wakefield’s Mike Davis, Dominic Montazemi, Scott O’Donnell and Rick Brugge represented UBS.

Corporate Center II, at 1571 Sawgrass Corporate Parkway, was built in 1998 and features a two-story lobby, on-site cafe, and a parking ratio of 4.4 per 1,000 square feet. It’s 98 percent leased to tenants that include Cigna Insurance, Heritage Insurance and Synechron.

The building last sold for nearly $14 million in 1998, records show.

Sawgrass International Corporate Park is one of the largest suburban office parks in South Florida, spanning more than 600 acres and over 3 million square feet of office and industrial space in west Broward County. In September, a partnership led by Starwood Capital Group sold Sawgrass Pointe II, within the corporate park, to a Vanderbilt and Barron Collier joint venture for $27.25 million. Months earlier, Starwood, Trinity Capital Advisors and Vanderbilt Office Properties sold Sawgrass Pointe I for $51.1 million.

Vanderbilt is a Chicago-based investment management firm, and Barron Collier Companies is a family run company with commercial real estate, residential, oil exploration, agri-business and golf courses. The firm’s ties in Florida go back to the 1920s, when Barron Collier amassed a large portfolio of land in a county that was later named after him in southwest Florida.


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
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
arrow_forward_ios

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

Loading...