Brookdale Affiliate Buys Four-Building Office Portfolio in Sunrise
- Aug 03, 2012
An affiliate of the sixth investment fund of The Brookdale Group recently purchased an office portfolio consisting of four Class A buildings totaling 344,260 square feet in Sunrise, Fla.
The portfolio, put on the market by an institutional investor advised by PNC Realty Investors Inc., was marketed by Holliday Fenoglio Fowler. The HFF team representing the seller was led by Senior Managing Director Hermen Rodriguez and Director Ike Ojala and included Executive Managing Director Manuel de Zarraga and Senior Analyst Jorge Portela.
Located within the Sawgrass International Corporate Park at the interchange of Sawgrass Expressway and I-595 in the city of Sunrise, the four buildings were constructed in the late 1990s. The portfolio is approximately 65 percent leased with a diverse mixture of regional, national and international corporate tenants including Marsh USA, Regus, Foxconn, FIS and Dunn & Bradstreet. Sawgrass International Corporate Park features more than seven million square feet of office, industrial/flex retail and hotel space overall.
“The offering received an exceptional level of interest from a wide variety of investors ranging from local private groups to pension fund advisors,” commented Rodriguez.
“Investors were attracted to the asset’s strategic location within an institutional-quality corporate park situated at the intersection of key expressways with high-quality tenancy and in excellent physical condition,” added Ojala.
The Brookdale Group LLC is a commercial real estate investment company based in Atlanta, Ga. that invests primarily in the acquisition and development of office properties located in the Mid-Atlantic, Southeast and Southwest regions of the United States.
Since the firm’s formation, Brookdale has sponsored six real estate investment funds, which have made investments in more than 70 Sunbelt office properties. The first four Brookdale funds have been fully liquidated, generating total sales revenues in excess of $1 billion for the funds’ partners.
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