Stiles sells Sunrise office building to IP Capital for $25M

Deal comes amid surge of office investment sales

Miami /
Mar.March 25, 2021 05:30 PM
Sunrise Corporate Plaza at 1300 Sawgrass Corporate Parkway with Stiles CEO Kenneth Stiles (right) and IP Capital Partners president Jason Isaacson (CBRE, Stiles, IP Capital)

Sunrise Corporate Plaza at 1300 Sawgrass Corporate Parkway with Stiles CEO Kenneth Stiles (right) and IP Capital Partners president Jason Isaacson (CBRE, Stiles, IP Capital)

Investors remain bullish on South Florida’s office market, despite the massive remote work shift, with IP Capital Partners as the latest to join the onslaught of buyers.

The Boca Raton-based investment firm bought Sunrise Corporate Plaza from a company tied to Stiles Corp., a deed shows. IP Capital took out a $16.3 million loan from Keybank NA.

The three-story, curving building at 1300 Sawgrass Corporate Parkway was built in 1999 and spans 8 acres, property records show. It totals 112,601 square feet and offers 360 parking spots.

Fort Lauderdale-based Stiles bought the plaza for $18.9 million in June 2015 from an affiliate of Flagler Development Group, a subsidiary of Florida East Coast Industries, according to property records.

IP Capital, led by Jason Isaacson, is a private real estate investor and manager that partners with institutions or high net-worth individuals, and focuses on retail, office and industrial, according to its website.

It has taken a liking to Sunrise, and the larger Broward County market, in recent years. In 2018, it bought two buildings, part of Sawgrass International Corporate Park, from Starwood Capital Group for $27.6 million. Records show it still holds the properties at 13800 and 14050 Northwest 14th Street.

Also in 2018, IP Capital, along with Wilton, Connecticut-based joint venture partner Westport Capital Partners, bought Plantation Corporate Center I and II office buildings for $43.2 million. The joint venture still owns the complex at 1600 and 1601 Southwest 80th Terrace.

Stiles is best known for its 1.4 million-square-foot The Main Las Olas complex in downtown Fort Lauderdale that includes a 25-story office tower. In 2019, Stiles sold 29 acres in Sunrise to GL Homes for $34 million.

The company was founded in 1951 by Howard Stiles as a residential general contractor, according to its website. The late Terry Stiles, Howard Stiles’ son, significantly expanded the company’s real estate business, and in 2017 stepped back to allow his son, Kenneth Stiles, to take the helm.

This is the latest in a series of office deals across the region, as activity is rebounding from the uncertainty that ensued last year from the pandemic. In one of the most significant deals so far this year, Blackstone Group last week bought the two office towers at Brightline’s MiamiCentral station in downtown Miami from Shorenstein Properties for $230 million.






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