While the tri-county South Florida region has had an influx of out-of-state businesses, including financial services and tech companies, aging office inventory has not been immune to the lower valuations seen in other markets.
Sawgrass Technology Park, an 11-building office complex encompassing 514K SF in Sunrise, was scooped up this month by IMC Equity Group, for $49M, or about $95 per SF.
The price for the campus of two-story office buildings was about 35% less than the $74M that Utah-based Bridge Investment Group paid for the property in 2019, which translates into about $144 per SF.
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