Four Sunrise Office Buildings Acquired For More Than $50 Million

Aug 02, 2012 No Comments by

1550, 1551, 1560 and 1601 Sawgrass Corporate Parkway have been purchased for more than $50 million.

In four separate transactions last Friday, F6 Sawgrass LLC, a Brookdale-managed company, purchased the buildings, which total 404,605 square feet, according to data compiled by CRE-sources.

Brookdale is an 18-year-old private commercial real estate investment firm that makes purchases through sponsored closed-end investment funds.

It has already added the Sunrise buildings, Corporate Center I and III , International Place I and Sawgrass Plaza, to a list of currently owned properties in Florida on its website. Brookdale also owns office buildings in Orlando and Tampa.

The sellers were Washington, D.C.-based BIT Investment Forty-Three LLC, BIT Investment Forty-Four LLC, BIT Investment Forty-Five LLC and BIT Investment Forty-Six LLC, according to the deeds. The companies are all managed by William K. Mihm.

The sellers paid a combined $86.5 million for the buildings in September 2007, so last week’s sale represents about a $37 million loss on the investment. That does not include taxes and operating costs that were accrued during the five years of ownership.

 

Source:  DBR

 

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