Stiles Property Fund Acquires Class A Office Building in Sawgrass International Corporate Park
Posted on 6/9/2015*At 106,648 square feet, the asset is 100 percent leased to top quality tenants
Fort Lauderdale-based Stiles announced today it has closed on Sunrise Corporate Plaza, a three-story Class A suburban office property located in Sawgrass International Corporate Park in Sunrise, FL, one of South Florida's largest and most successful business parks. Developed in 1999, this institutional quality asset is currently 100% leased and encompasses 106,648 rentable square feet on nearly eight acres.
The property located at 1300 Sawgrass Corporate Parkway was acquired from FDG Sunrise Corporate Plaza, an affiliate of Florida East Coast Industries, by Stiles Property Fund (SPF). The price was $18.9 million, or $177 per square foot. SPF is a discretionary value-added real estate fund that invests in office and retail properties throughout Florida. Mike McDonald of Eastdil Secured marketed the property.
"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 SPF Fund Manager Kyle Jones. "The opportunity to acquire an asset at a minimum 30 percent below replacement cost in an increasingly tight submarket made this investment attractive."
The property is currently leased to "blue chip" tenants, including MacNeill Group and MEDNAX Services. Jones and the SPF team plan to invest capital in the common areas to further increase the appeal of the property and restructure the rollover profile. Following the acquisition, Stiles leasing and property management will be engaged exclusively to handle the property.
"Stiles has a historical perspective of the property and area due to our role as the original developer of Sawgrass International Corporate Park over thirty years ago as well as the current manager of the association," commented Jones. "We are a great fit for this asset and look forward to unlocking further value at the property utilizing our diverse range of services."
While Stiles has a long track record of real estate transactions, Sunrise Corporate Plaza is the second office transaction it has made through SPF, which it launched in 2011. Its first office transaction, the Class A New River Center on Las Olas Boulevard, was completed in December 2014. Previous SPF acquisitions have targeted retail shopping centers throughout Florida.
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. The company is responsible for more than 40 million square feet of office, residential, industrial, retail and mixed-use projects throughout the southeastern United States. In addition to its core services, Stiles founded the Stiles Property Fund in 2011 as a discretionary value-added real estate fund focused on existing distressed office and retail real estate in Florida. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, Fort Myers, Tampa and Orlando, Florida, as well as a development office in Charlotte, North Carolina. Learn more about Stiles at www.stiles.com or contact 954-627-9300. For investment opportunities, please contact Bryson Ridgway at firstname.lastname@example.org. For leasing inquiries, please contact Madelayne Garcia at 954-627-9400.