Sawgrass Office Portfolio

Sunrise, Florida

Active Investment

NRSF: 348,676
Acquisition Date: 10/16/2015
Status: Active

Sawgrass Portfolio is a collection of four Class A office buildings located in the Sawgrass International Corporate Park, one of the largest office parks in South Florida. The portfolio benefits from its location at the nexus of three major highways in west Broward County, along with an abundance of nearby amenities, including the BB&T Center and the Sawgrass Mills mall.

Opportunity

  •  In-place rents approximately 15% below market with an acquisition price $60/SF below replacement cost – recapture revenue delta as in-place leases roll to market.
  • Capitalize on the portfolio’s centralized location with access to both the Fort-Lauderdale-Hollywood and Miami International Airports, making this area an ideal location for corporate headquarters and regional offices.
  • With tightening market fundamentals and limited supply of new and existing Class A office space in the Sawgrass market, the portfolio is well-positioned to lease its available space and take advantage of tenants seeking quality office space with competitive rents.

Value Enhancement Strategy

  • Lease-up current vacancy and additional space that will be surrendered by existing tenants at rates consistent with the tightening market.