Sawgrass Office Portfolio

Sunrise, Florida

Historical Transaction

NRSF: 348,676SF
Acquisition Date: 10/16/2015
Total Capital: $75.7 million
Equity Invested: $30.6 million
Status: Sold
Realized Multiple: 1.4x
Realized IRR: 10.0% (projected)

The Sawgrass Office Portfolio (Sawgrass) consists of four office buildings located in the 1.7 million square foot Sawgrass International Corporate Park (Park) and comprises approximately 20% of the Park’s Class A space. MMP acquired the portfolio in October 2015 and immediately took action leasing up the remaining vacancy (approximately 10% at the time of acquisition) and increased rental rates from $18.00 NNN to $22.00 NNN during the hold period.

The Firm managed tenant rollover and backfilled vacant space, keeping Sawgrass’ occupancy consistently above 90% during ownership. Sawgrass was an attractive stable, cash flowing investment, expected to achieve over a 10% cash-on-cash return.

In October 2019, MMP sold the Sawgrass Office Portfolio for $80.27 million to Brookdale Group who was the original owner when MMP acquired the property back in 2015. Due to the Firm’s success with the asset, Brookdale Group has retained MMP as Property Manager.