FORT LAUDERDALE, FL—A class A office portfolio spanning 344,260 square feet in Sunrise has traded hands. An institutional investor advised by PNC Realty Investors sold the office buildings to an affiliate of The Brookdale Group for an undisclosed amount.
The four buildings are located in Sawgrass International Corporate Park, which sits at the interchange of Sawgrass Expressway and Interstate 595. Sawgrass International Corporate Park features more than 7 million square feet of office, industrial, flex retail and hotel space. The four buildings are Corporate Center III, International Place I, Corporate Center I and Sawgrass Plaza.
HFF senior managing director Hermen Rodriguez and director Ike Ojala, along with executive managing director Manuel de Zarraga and senior analyst Jorge Portela, represented the seller. Rodriguez did not return calls seeking comment, but said in a statement that the office portfolio received an “exceptional level of interest from a wide variety of investors ranging from local private groups to pension fund advisors.”
The portfolio was constructed in the late 1990s and is about 65% leased to a blend of regional, national, and international corporate tenants. March USA, Regus, Foxconn, FIS, and Dunn & Bradstreet occupy the building.
“Demand for office space is markedly improving in the southwest Broward County submarket market, but deals still churn slowly toward the closing table as many companies remain cautious and price-centric even as they look to reposition post-recession,” Darcie Lunsford, director of business development and marketing at Butters Group, tells GlobeSt.com. “The southwest Broward submarket is seeing positive space absorption and with a vacancy rate of just under 10%, it is outperforming the broader county, which saw a first quarter vacancy rate of nearly 13%.”
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