MG3 pays $33M for office buildings near Sawgrass Mills

The price equates to $289 psf

TRD MIAMI /
Nov.November 21, 2019 10:30 AM
Clockwise from left: MG3 Developer Group’s principals Gustavo Bogomolni, Hernan Leonoff and Marcelo Saiegh with 789-799 International Parkway (Credit: Google Maps)

Clockwise from left: MG3 Developer Group’s principals Gustavo Bogomolni, Hernan Leonoff and Marcelo Saiegh with 789-799 International Parkway (Credit: Google Maps)

UPDATED, Nov. 22, 12:25 p.m.: MG3 Developer Group purchased two office buildings near Sawgrass Mills in Sunrise for $32.65 million.

The two buildings at 789-799 International Parkway sit right off of the Sawgrass Expressway and total 112,791 square feet, records show. The price equates to $289 per square foot. DWS Group, a subsidiary of Deutsche Bank, sold the property.

The buildings, built in 2000 on a 500,000-square-foot lot, were last purchased in 2001 for $10.45 million.

The main tenant is Comcast.

Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Greg Miller, Scott O’Donnell, Miguel Alcivar, Rick Brugge, Rick Colon and Michael Ciadella represented the seller in the deal. Jason Hochman of Cushman and Wakefield assisted MG3 in securing a $21.25 million acquisition loan from Citigroup.

MG3 is co-developing a nine-story office complex near Aventura. The project will include about 53 office condos and 11,000 square feet of retail space.

MG3 is also active in charter schools. The company often partners with ESJ Capital Partners to invest in the alternative schools that are gaining popularity as a real estate investment. In 2017, the partnership sold the Renaissance Charter School at 8399 North University Drive in Tamarac for $22 million.

Sunrise is home to Sawgrass Mills, which is owned by Simon Property Group and is considered one of the most valuable malls in the country owned by real estate investment trusts.

The west Broward city is also home to American Express’ regional headquarters. Nearby, Joseph Kavana’s Metropica Development LLC is building the $1.5 billion Metropica project. It will include a hotel, 2,250 residences, 485,000 square feet of retail space and 650,000 square feet of office space.


Related Articles

arrow_forward_ios
Alan Ojeda and 8894 NW 44 Street in Sunrise (Google Maps)

Rilea Group scores $46M construction loan for Sunrise apartments

Rilea Group scores $46M construction loan for Sunrise apartments
Sunrise Imposes Moratorium To Avoid “Food Desert” Threat

Sunrise suspends small store developments that pose “food desert” threat

Sunrise suspends small store developments that pose “food desert” threat
Metropica and Joseph Kavana

First condo tower at massive Metropica development in Sunrise completed

First condo tower at massive Metropica development in Sunrise completed
5010 Nob Hill Road (Credit: Google Maps)

Sunrise affordable senior housing facility sells for $30M

Sunrise affordable senior housing facility sells for $30M
Metropica and Joseph Kavana (Credit: iStock)

Condo buyer sues Metropica developer over delays

Condo buyer sues Metropica developer over delays
Joseph Kavana a rendering of Metropica and a Stefan Szczesny sculpture

Art Miami sculptures to fill Metropica

Art Miami sculptures to fill Metropica
Sawgrass International Corporate Park

Brookdale buys back Sawgrass Park portfolio for $80M

Brookdale buys back Sawgrass Park portfolio for $80M
Ken Stiles and The Westerra development site in Sunrise (Credit: Stiles Corp.)

Stiles sells site of planned Sunrise mixed-use project

Stiles sells site of planned Sunrise mixed-use project
arrow_forward_ios

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

Loading...