Brookdale buys back Sawgrass Park portfolio for $80M

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

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
Renderings of the project with Minto Communities president Michael Belmont (Minto, Konover South)
Minto Communities plans 50-acre Westlake Landings business park in Palm Beach County
Minto Communities plans 50-acre Westlake Landings business park in Palm Beach County
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
Terra’s David Martin and 1177 Kane Concourse (Google Maps)
Terra paid $32M for Bay Harbor Islands development site
Terra paid $32M for Bay Harbor Islands development site
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
Fuse Group Investment CEO Eyal Peretz and attorney Michael Ehrenstein (Fuse, Ehrenstein Sager, Twitter via GUT Miami)
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
Stephen Ross (Getty) with Esperanté Corporate Center at 222 Lakeview Avenue in West Palm Beach
Related Companies buys half ownership interest in West Palm office tower
Related Companies buys half ownership interest in West Palm office tower
Brookfield Property Group CEO Brian Kingston and  a rendering of 15800 Southwest 25th Street (Brookfield, Rendering courtesy of Newmark)
Brookfield buys Comcast-leased Miramar building for $29M
Brookfield buys Comcast-leased Miramar building for $29M
Feldman Equities exec Larry Feldman and the Pinnacle Corporate Park office complex (Avison Young, iStock)
Feldman Equities buys Fort Lauderdale office complex for $59M
Feldman Equities buys Fort Lauderdale office complex for $59M
arrow_forward_ios

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

Loading...