Stiles Buys Sunrise Office Building from Flagler for $19M
Posted on 6/10/2015An affiliate of Stiles Corp. bought a "Class A" office building in Sunrise from Flagler Development Group for $18.925 million - a discount to its last trade 10 years ago.
FDG Sunrise Corporate Plaza, an affiliate of Flagler and parent company Florida East Coast Industries, sold the 112,601-square-foot office at 1300 Sawgrass Corporate Parkway to SPF Sunrise Corporate Plaza I, an affiliate of Fort Lauderdale-based Stiles. PNC Bank financed the deal with a $12.565 million loan.
Stiles said 106,648 square feet in the building is rentable. The price for Sunrise Corporate Plaza equates to $177 per square foot.
"Sunrise Corporate Plaza is a prime office property with a quality tenant roster and large, flexible floor plates that generate the efficiencies a wide range of tenants are seeking today," said Kyle Jones, managing of the Stiles Property Fund. "The opportunity to acquire an asset at a minimum 30 percent below replacement cost in an increasingly tight submarket made this investment attractive."
The three-story office building was developed on the 7.9-acre site in 1999. Flagler acquired it for $19.5 million in 2005. Stiles said it plans to invest capital to upgrade the common areas.
Tenants include Pediatrix Medical Group, MacNeill Group, Kforce Staffing, Bankers Mortgage Lending and Focus Finance.
Stiles has a long history in Sunrise as it was the original developer of the Sawgrass International Corporate Park.