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.