Galium Capital Acquires 128K SF Office in Sunrise

Galium Capital has purchased a five-story building in Sunrise, Florida for $17 million and plans to implement upgrades to the site.

Lakeshore Plaza II is located at 1300 Concord Terrace and spans 128,550 square feet. The Class A office property comes with floor-to-ceiling windows, offering lakeside views and natural light. Additionally, amenities are included in the property.

The Sawgrass International Corporate Park asset is located within a 60-minute drive of 2.7 million people, according to a statement by Blanca Commercial Real Estate, which represented the unnamed seller along with CBRE. Plus, the property is in proximity of major brands such as American Express and Ford Motor Company, along with entertainment venues including various restaurants and the Sawgrass Mills Mall.

But Galium isn’t done with Lakeshore Plaza II, as it intends to upgrade the office building, which includes re-developing the lobby, adding a conference center and a tenant lounge, as well as improvements to the outdoor courtyard sites. Also, the Miami-based firm will “strategically reinvest in tenant spaces and make the property more competitive within the market,” according to Blanca.

“We’re excited to execute on our office acquisition strategy with the addition of Lakeshore Plaza II to our portfolio,” said Jonathan Slomianski, director of acquisitions at Galium, said.

“This property’s high quality and history is compelling at today’s pricing. We see significant potential, and are eager to invest in upgrades that will elevate the building and provide modern, enhanced workspaces for both current and future tenants.”

While the office asset class has suffered from the lows caused by the pandemic, it has been recovering. In fact, South Florida is leading the country in the sector’s revival. At least nine in 10 employees are now back in the office versus pre-pandemic levels, according to the Fort Lauderdale Downtown Development Authority (FTL DDA). Interestingly, Monday, Tuesday, and Wednesday visits are exceeding pre-pandemic levels, while Thursdays and Fridays are at least 20 points down.

For office and commercial, Galium operates multiple properties in Florida including in Orlando, Tampa, Pembroke Pines, and Palm Beach Gardens. It has also invested in other asset classes including multifamily, and retail. And Galium’s portfolio extends beyond Florida, having assets in multiple other states such as Texas, Maryland, Virginia, and South Carolina.

According to the real estate firm, it has more than $600 million in assets under management.

For the Sunrise purchase, Blanca will remain the exclusive leasing agent for the property. And Galium said it will explore more acquisition opportunities, although it did not indicate where exactly.