JV Grabs Ft. Lauderdale-Area Office Asset

By Timea Papp

International Place II

CBRE brokered the sale of International II, a Class A office building in Sunrise, Fla., totaling 93,724 square feet. According to public records, TA Realty sold the asset in a $19 million deal to a partnership between NAI Merin Hunter Codman and an institutional investor. Branch Banking and Trust Co. facilitated the transaction through $13.9 million in acquisition financing.

Located at 1580 Sawgrass Corporate Parkway, within Sawgrass International Corporate Park, the four-story building was completed in 2000 and features recently modernized common areas as well as impact glass windows. Amenities at the ENERGY STAR-rated property include on-site maintenance staff, car wash, dry-cleaning services and a parking ratio of roughly 4.5 spaces per 1,000 square feet. The office park is the regional headquarters to companies such as Ford, Fidelity Information Systems, AT&T, American Express, Harris Corporation, Xerox and Ticketmaster.

Strategic location

Vice Chairman Christian Lee and Senior Vice President José Antonio Lobón represented the seller in the transaction. The CBRE South Florida Capital Markets team also included Vice President Amy Julian, Senior Vice President Chris Gallagher and Financial Analyst Tyler Ploshnick. According to Yardi Matrix, TA Realty purchased the property from Guggenheim Real Estate in 2007 for $22.2 million.

“International Place II is located in South Florida’s largest office park, Sawgrass International Corporate Park, which is strategically bounded by the Sawgrass Expressway, Interstate 75 and Interstate 595,” explained Lobón, in prepared remarks. “Being at the nexus of three major South Florida roadway systems offers the business park unmatched access—an estimated 5.6 million people, more than 90 percent of South Florida’s population, live within a 60-minute commute.”

The property provides access to numerous nearby restaurants, hotels and shopping venues. It is adjacent to the Sawgrass Mills Mall and approximately 25 minutes from Fort Lauderdale International Airport.

Image courtesy of CBRE