Sawgrass Lake Center | Sunrise, FL
Posted on June 1, 2014
Sunrise, FL | Value-Add Office Acquisition
|Address:||13450 W. Sunrise Blvd. Sunrise, FL 33323|
|Property Type:||Class A Office|
|Purchase Price:||$45.2M ($188 PSF)|
Sawgrass Lake Center is a 6-story, 239,373 square foot, LEED certified Class A office building located in the Sawgrass submarket, one of Broward County’s best performing submarkets. It is the best building in the submarket, with a 5-level parking garage (the only one in the submarket), providing a market-leading 4.74:1,000 sf parking ratio and an onsite café. The building was constructed in 2001 and provides the most convenient access of all its competitors to the surrounding roadways. Since acquiring the asset in 2014, we have implemented a $1.76M capital improvement plan to address HVAC, roof, structural/mechanical, and cosmetic upgrades, and we have leased or renewed 140,000 sf of tenants increasing the occupancy from 79% to 95% while growing rents 31% in the process.