CBRE arranged the sale of Sawgrass Pointe I, a 230,668-sq.ft. 6-story Class A office building to New York-based True North for $51.1 million.
The property located at 1000 Sawgrass Corporate Parkway in Sunrise was sold by an institutional investor. CBRE’s Capital Markets team of vice chairman Christian Lee and senior vice president José Antonio Lobón represented the seller.
“Sawgrass Pointe I is located in South Florida’s largest office park, Sawgrass International Corporate Park, which is strategically bounded by the Sawgrass Expressway, Interstate 75 and Interstate 595,” explained José Lobón, senior vice president, CBRE Capital Markets. “Being at the nexus of three major South Florida roadway systems offers the business park unmatched access – an estimated 5.6 million people, more than 90 percent of South Florida’s population, live within a 60-minute commute.”
Built in 2002, Sawgrass Pointe I features an above-market parking ratio of 5.0 per 1,000 square feet, water views and recent common area upgrades. The property is 96 percent leased to 17 tenants with a remaining weighted average lease term of more than five years. The office park is the regional headquarters to several blue-chip companies, including Ford, Fidelity Information Systems, AT&T, American Express, Harris Corporation, Xerox and Ticketmaster.
“Sawgrass Pointe I’s location and high-quality modern design make the property extremely attractive to both tenants and investors. Consequently, demand within the investor community was robust,” explained Christian Lee, vice chairman, CBRE Capital Markets.
Market fundamentals in greater Broward County are strong, with positive net absorption and vacancy declining continuously over past six years. Broward’s unemployment rate of 3.3 percent as of October 2017 is the lowest in South Florida, despite robust population growth. The Sawgrass Park submarket has been exceptionally strong. Vacancy has averaged in the single digits over the past six years and currently sits at just 7.6 percent.
The CBRE South Florida Capital Markets team also included Vice President Amy Julian, Senior Vice President Chris Gallagher and Financial Analyst Tyler Ploshnick.
