Brookdale buys back Sawgrass Park portfolio for $80M

Brookdale paid nearly $30M more than it previously paid for the properties in 2012

TRD MIAMI /
Oct.October 23, 2019 11:30 AM
Sawgrass International Corporate Park

Sawgrass International Corporate Park

Brookdale Group paid $80.27 million for four office buildings at a business park in Sunrise, about four years after it sold the portfolio to M-M Properties.

M-M Properties sold the nearly 349,000-square-foot portfolio at Sawgrass International Corporate Park to Brookdale for about $230 per square foot. In 2015, Brookdale sold it to the Houston, Texas-based investment firm for $75 million. Atlanta-based Brookdale had paid $51.5 million to acquire the buildings in 2012.

The portfolio includes Corporate Centers I and III, International Place I and Sawgrass Plaza, at 1551, 1601, 1560 and 1550 Sawgrass Corporate Parkway. The buildings were built between 1997 and 2000.

JLL’s Hermen Rodriguez, Ike Ojala and Matthew McCormack were the listing brokers. Rodriguez and Ojala, then with HFF, also brokered the previous sale, according to a previous press release. JLL acquired HFF in a $2 billion deal that closed in July.

Currently, the buildings are 93 percent occupied, but Centene Corp. will be leaving the office park, which will bring occupancy down to the mid-70 percent range.

The buildings are near I-75 and I-595, the Sawgrass Expressway and Sawgrass Mills mall.

Less than a mile away, Harbor Group International bought the Sunrise office building that will soon house Ultimate Software for $32.5 million.

Also nearby, Stiles Corp. recently sold 29 acres off West Sunrise Boulevard in Sunrise to GL Homes for $34 million. Stiles had planned to build a mixed-use residential project on the site.


Related Articles

arrow_forward_ios
Sergio Pino and rendering of 850 LeJeune

Sergio Pino shuts down construction site after workers test positive for Covid-19

Tortoise Family Office CEO Jake Geleerd, Pebb Enterprises President and CEO Ian Weiner, and Jupiter Innovation Center

Pebb and Tortoise Properties buy Jupiter Innovation Center for $32M

 Eric Castro, Bankers Healthcare Group, and 3700 Lakeside Drive (Credit: Bankers Healthcare Group)

Bankers Healthcare buys Miramar office building for new HQ

Laura Hines-Pierce and Jeff Hines

Hines CEO talks coronavirus, Opportunity Zones and WeWork

Rendering of the Oasis and Spotify founder and CEO Daniel Ek with David Weitz and Erik Rutter

Spotify inks lease for South Florida headquarters in Miami’s Wynwood

Metropica and Joseph Kavana (Credit: iStock)

Condo buyer sues Metropica developer over delays

Steven Hurwitz and Ryan Severino

JLL’s top economist forecasts low probability of a recession

1800 Southwest 27th Avenue

Freshwater Group buys Miami office building

arrow_forward_ios
Loading...