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
From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Google Street View of the properties at 551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings)
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
From left: Rockpoint Group's co-founders Bill Walton and Keith Gelb in front of 1221 Brickell Avenue (Rockpoint Group, Google Maps, iStock)
Rockpoint sells 1221 Brickell office tower for $287M, marking a six-year record price
Rockpoint sells 1221 Brickell office tower for $287M, marking a six-year record price
Starwood's Barry Sternlicht and Don Peebles III (Getty, Starwood, Integra, Comras JV)
Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
Miami Beach gives green light to controversial Peebles, Sternlicht office projects near Lincoln Road
Michael Shvo and Norman Foster and renderings of The Alton (Getty, Wikipedia, Foster + Partners)
Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach
Michael Shvo moves forward with $200M Norman Foster-designed office development in Miami Beach
R & B Realty’s Shelby Rosenberg and The Gateway at Wynwood (R & B Realty Group, iStock)
Lease roundup: The Gateway at Wynwood scores three new tenants
Lease roundup: The Gateway at Wynwood scores three new tenants
TPA's J Bradford Smith with conceptual site plan for Edison Pembroke (TPA,Nelson)
Developer switches office park plan in Pembroke Pines to mixed-use apartment project
Developer switches office park plan in Pembroke Pines to mixed-use apartment project
(left to right) Nuveen's Mike Nuveen with 800 Waterford Way and Pebb Enterprises' Ian Weiner with 5355 Town Center Road (CoStar, Nuveen, TVS Design, Pebb)
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
Lease roundup: Nuveen nabs fintech tenant in Miami, Brookfield scores 20 leases at Boca’s Mizner Park
arrow_forward_ios

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

Loading...