Cushman & Wakefield Negotiates $32.7M Sale of Sawgrass Village Office Campus in South Florida
SUNRISE, FLA. — Cushman & Wakefield has negotiated the sale and financing of Sawgrass Village, a more than 112,000-square-foot office campus in Sunrise, 12 miles northwest of Fort Lauderdale in Broward County. MG3 Realty LLC acquired the asset for $32.7 million, or $290 per square foot. The name of the seller was not disclosed, but multiple media outlets have reported the seller as DWS Group, a subsidiary of Deutsche Bank. Sawgrass Village comprises two single-story office buildings developed in 2000 on an 11.3-acre site within Sawgrass International Corporate Park. The 612-acre master-planned office park houses more than 3 million square feet of office and industrial space. Located at 1300 Concord Terrace, the park is adjacent to Interstates 75 and 595, offering direct access to Fort Lauderdale-Hollywood Airport and Miami International Airport. Both buildings at Sawgrass Village were 100 percent occupied at the time of sale by Comcast and Bolton Medical. Dominic Montazemi, Mike Davis, Greg Miller, Scott O’Donnell, Miguel Alcivar, Rick Brugge, Rick Colon and Michael Ciadella of Cushman & Wakefield’s Capital Markets team represented DWS in the sale. Jason Hochman of Cushman & Wakefield’s Equity, Debt and Structured Finance Group secured a $21.3 million acquisition loan from Citigroup Inc. for MG3 Realty.