Cushman & Wakefield Negotiates $20.8M Sale Of Core-Plus Office Asset In Broward County

Mar 10, 2019 No Comments by

Cushman & Wakefield has arranged the sale of Corporate Center II, a 91,221-square-foot, suburban Class A office building for $20.8 million. The asset is situated within Sawgrass International Corporate Park, one of South Florida’s largest suburban office parks, in Sunrise.

The Cushman & Wakefield Investment Sales Team of Vice Chairman Mike Davis, Managing Director Dominic Montazemi, Executive Director Scott O’Donnell and Executive Director Rick Brugge represented the U.S. real estate business of UBS Asset Management in the disposition. Vanderbilt Office Properties, a Chicago-based investment management firm, and Barron Collier Companies, a Naples, Florida-based real estate investment company, jointly acquired the asset.

At 1571 Sawgrass Corporate Parkway, Corporate Center II is situated on 6.2 acres and is prominently located adjacent to Interstate 75 at the Sunrise Interchange, which sees a traffic count of 100,000 cars per day. Constructed in 1998, the property features vaulted ceilings, polished Italian tiles throughout an elegant two-story lobby, an on-site café, lush landscaping and a market-leading parking ratio of 4.4 per 1,000 square feet.

The property is 98 percent leased to such notable tenants as Cigna Insurance, Heritage Insurance and Synechron.

The asset’s location within Sawgrass International Corporate Park, a 612-acre master-planned office park, provides excellent visibility and access to Sawgrass Expressway, Interstate 75 and Interstate 595. The park is located adjacent to Sawgrass Mills Shopping Center, the largest single-story outlet mall in the country, and is also convenient to Sam’s Club, LA Fitness, Panera Bread and Starbucks, among an array of other retail and dining options.

The park consists of over 3 million square feet of office and industrial space and serves as the regional headquarters to many national and global organizations.

 

“Sawgrass International Corporate Park is the premier suburban office park in Broward County,” said Davis. “The amenity-rich setting, high visibility and exceptional parking ratio make Corporate Center II an attractive asset to a wide variety of corporate tenants.”

 

Added Montazemi, “This asset garnered tremendous interest from the investment community, and ultimately, Vanderbilt Office Properties was selected for their strong presence in the South Florida market and proven track record with suburban office.”

The West Broward office submarket, which includes Sunrise, ended 2018 with an overall vacancy rate of 7.8 percent — the lowest in the county.

 

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Broward County Office, Industry News, NA, Office
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