MG3 pays $33M for office buildings near Sawgrass Mills
The price equates to $289 psf
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.