Cushman & Wakefield Negotiates $32.65M Sale and $21.25M Financing of Sawgrass Village

November 22, 2019

Cushman & Wakefield Negotiates $32.65M Sale and $21.25M Financing of Sawgrass Village

MG3 Realty, L.L.C. Acquired the Two-Building Office Campus in Sawgrass International Corporate Park from a Global Investment Advisor?

 

SUNRISE, FL, November 22, 2019 — Cushman & Wakefield has negotiated the sale and financing of Sawgrass Village, a ±112,456-square-foot office campus in Broward County’s Sawgrass International Corporate Park.

The Cushman & Wakefield Capital Markets team of Dominic MontazemiMike DavisGreg MillerScott O’DonnellMiguel AlcivarRick BruggeRick Colon and Michael Ciadella represented a global investment advisor in the disposition. MG3 Realty, L.L.C. acquired the asset for $32.65 million ($290 per square foot).

Jason Hochman of Cushman and Wakefield’s Equity, Debt and Structured Finance Group, assisted MG3 Realty, L.L.C. in securing a $21.25 million acquisition loan from Citigroup.

Sawgrass Village comprises two single-story office buildings developed in 2000 on an ±11.33-acre site at 789 and 799 International Parkway in Sawgrass International Corporate Park, a 612-acre master planned office park with more than 3 million square feet of office and industrial space. The park is strategically bound by the Sawgrass Expressway, Interstate 75 and Interstate 595, offering excellent highway visibility and easy access to Fort Lauderdale-Hollywood and Miami International Airports.

The buildings were 100% occupied at the time of sale by Comcast and Bolton Medical, two publicly traded tenants with over $100 billion in combined annual revenue.

“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,” said Montazemi. “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.”

“Sawgrass International Corporate Park is one of South Florida’s largest office parks and the premier option for regional, national and international organizations seeking high-quality office space in Broward County,” added Davis. “Tenants in the park enjoy an exceptional amenity base that continues to grow as West Broward experiences increased residential densification.”

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