Atlanta REIT sells Sunrise corporate park for $75M
Properties last sold in 2012 for a combined $51.5 million
October 19, 2015 10:30AMBy Katherine Kallergis
Sawgrass International Corporate Park in Sunrise
Houston, Texas-based M-M Properties has purchased a business park in Sunrise for $75 million — a 45 percent increase from its last sale, according to Broward County records.
Brookdale Six REIT sold four Class A office buildings, made up of Corporate Centre I, International Place, Corporate Centre III and Sawgrass Plaza – all part of the Sawgrass International Corporate Park.
The REIT, part of the Atlanta-based Brookdale Group, acquired the properties in July 2012 for a combined $51.5 million, according to Broward County property records.
Corporate Centre I: 1551 Sawgrass Corporate Parkway, 92,243 square feet, built in 1997
International Place: 1560 Sawgrass Corporate Parkway, 101,299 square feet, built in 1999
Corporate Centre III: 1601 Sawgrass Corporate Parkway, 93,633 square feet, built in 2000
Sawgrass Plaza: 1550 Sawgrass Corporate Parkway, 61,499 square feet, built in 1998
M-M Properties is a privately held real estate investment firm. Its affiliate, Sawgrass Office FL Joint Venture, took out a $51 million mortgage to finance the deal. JPMorgan Chase is the lender, records show.
Earlier this year, a 15,000-square-foot flex warehouse at the same development sold for $1.65 million.
Source: The Real Deal