MIAMI—Sawgrass Technology Park fetched $52 million in a sale to affiliates of
Miami-based Fifteen Group and funds managed by Oaktree Capital Management, L.P. And the companies aren't done spending yet. A capital improvement plan is already in the works.

Originally constructed in 1985 as the Racal-Milgo world headquarters, the property has since become a campus-style, multi-tenant facility. The 63-acre, 645,000-square-foot office park offers 12 buildings with office, flex, and warehouse uses.

“The acquisition of Sawgrass Technology Park is consistent with our 20-year strategy of acquiring well-located assets with tremendous value-add potential,” says Mark Sanders, co-founder and principal of Fifteen. “We see significant upside in the property, and look forward to enhancing the site, reintroducing it to the market, and featuring its many strengths.”