L-R: Cushman & Wakefield executive director Scott O'Donnell, managing director Dominic Montazemi, senior associate Greg Miller and senior director Jason Hochman, all based in Boca Raton. Director Miguel Alcivar is based in Miami. Courtesy photosSunrise's Sawgrass Village Sells to Investment Group for $33M With Cushman Help
Hollywood-based MG3 Developer Group bought the two-building office property at $290 a square foot.
December 17, 2019 at 03:09 PM
3 minute read
Two fully leased office buildings in Sunrise traded for $32.65 million with help from a Cushman & Wakefield team.
An affiliate of MG3 Developer Group LLC, a Hollywood-based real estate development and investment company, bought Sawgrass Village from Sawgrass & Spectrum SDCO Inc., an affiliate of investment adviser DWS, on Nov. 19.
"Sawgrass Village was a compelling opportunity to acquire an extremely well-located, high-quality asset while enjoying secure cash-on-cash returns from entrenched, investment grade credit tenancy," Cushman's Dominic Montazemi said in a news release.
A largely South Florida-based Cushman team represented the seller.
Montazemi, who is managing director, closed the deal with senior associate Greg Miller, executive director Scott O'Donnell, director Miguel Alcivar and associate Michael Ciadella. All are based in Boca Raton except Alcivar, who is in Miami.
They worked with vice chairman Mike Davis and executive managing director Rick Brugge in Tampa and broker Rick Colon in Orlando.
Cushman & Wakefield equity, debt and structured finance group senior director Jason Hochman in Boca Raton represented the buyer in securing acquisition financing. He closed $21.25 million in financing from Citigroup Inc. the same day as the purchase.
Sawgrass Village has two one-story office buildings northeast of the Sawgrass Expressway Interstate 595 at 789 and 799 International Parkway.
Sawgrass Village sits on 11 acres in the 612-acre master-planned Sawgrass International Corporate Park with over 3 million square feet of office and industrial space.
Sawgrass Village totals 112,456 square feet, which works out to $290 a square foot.
It's fully leased to telecommunications company Comcast Corp. and medical device company Terumo Aortic.
"With a combined tenure of nearly 30 years at the property and recent long-term extensions, this location has proven to serve as an integral part of each tenants' operations in South Florida," Montazemi said in the news release.
Sawgrass International Corporate Park is among South Florida's biggest office parks.
It's "the premier option for regional, national and international organizations seeking high-quality office space in Broward County," Davis said. "Tenants in the park enjoy an exceptional amenity base that continues to grow as west Broward experiences increased residential densification."
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