Brookdale buys back Sawgrass Park portfolio for $80M

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

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.

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