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.”

Sawgrass Technology Park is located in the heart of the Broward MSA within Sawgrass International Corporate Park, offering access to Sunrise Boulevard and three major highways—Interstate 75, Interstate 595 and the Sawgrass Expressway. The property is surrounded by retail and entertainment amenities such as the BB&T Center and Sawgrass Mills Mall, as well as high-end residential areas, including luxury rental communities and various future mixed-use development sites.

“We believe our acquisition is well-timed at a point in the cycle where tenants are beginning to seek relocation and expansion opportunities to centrally-located, amenitized, value-oriented office space close to both workforce and executive housing,” says Justin Toal, Chief Investment Officer of Fifteen. The partnership plans to commission exterior and common area upgrades and rebrand the property and capitalize on its central location within the submarket.