Chain Reaction? Yet another Large Commercial Sale in Sawgrass Area
- Jun 17, 2015
Another prime commercial property in Sunrise, the 106,648 square-foot Sunrise Corporate Plaza, has changed hands. This follows the sale of a 45,000 square-foot flex-industrial building at 700 Sawgrass Corporate Parkway a few corners down the same street.
Sunrise Corporate Plaza, a three-story suburban office property, was built in 1999 as part of Sawgrass International Corporate Park, one of today’s premier business parks in South Florida. It is located on a parcel of nearly eight acres at 1300 Sawgrass Corporate Parkway.
The 106,648 square-foot Sunrise Corporate Plaza was acquired by Stiles Property Fund affiliate SPF Sunrise Corporate Plaza I LLC for $18.9 million. SPF is a discretionary value-added real estate fund that invests in office and retail properties throughout Florida. Unlike in the case of the other recent transaction, for 700 Sawgrass Corporate Parkway, the price of this Class A office asset did not break any records. In fact, the sale price of $177 per square foot is at the current median in the neighborhood. The property is however 100 percent leased to top quality tenants such as MacNeill Group and MEDNAX Services.
Mike McDonald of Eastdil Secured marketed the property on behalf of the seller, FDG Sunrise Corporate Plaza, a Florida East Coast Industries offshoot.
Photo credits: Stiles Property Fund