{"id":1004205913,"date":"2018-02-05T08:13:42","date_gmt":"2018-02-05T16:13:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004205913"},"modified":"2022-12-06T08:13:54","modified_gmt":"2022-12-06T16:13:54","slug":"true-north-buys-south-fl-office-asset-for-51m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/true-north-buys-south-fl-office-asset-for-51m\/","title":{"rendered":"True North Buys South FL Office Asset for $51M"},"content":{"rendered":"

By Timea Papp<\/p>\n

\"Sawgrass<\/a>

Sawgrass Pointe I<\/p><\/div>\n

CBRE Capital Markets has arranged the sale of Sawgrass Pointe I, a 230,668-square-foot, Class A office building in Sunrise, Fla. An institutional investor sold the asset to New York-based True North for $51.1 million. According to Yardi Matrix, the previous owner was Starwood Capital Group.<\/p>\n

Wells Fargo Bank facilitated the deal with $36.4 million in acquisition financing, public records show. Located at 1000 Sawgrass Corporate Parkway, the property was completed in 2002 and recently underwent common area upgrades. Sawgrass Pointe I is currently 96 percent leased to a total of 17 tenants, with a remaining average lease term of more than five years.<\/p>\n

Diverse tenant base<\/h2>\n

The property is part of Sawgrass International Corporate Park and features a parking ratio of five spaces per 1,000 square feet. The South Florida office park<\/a> serves as the regional headquarters to several notable tenants, including Ford, Fidelity Information Systems, AT&T, American Express and Harris Corp.<\/p>\n

Vice Chairman Christian Lee and Senior Vice President Jos\u00e9 Antonio Lob\u00f3n represented the seller in the transaction. The advisory team also included Vice President Amy Julian, Senior Vice President Chris Gallagher and Financial Analyst Tyler Ploshnick.<\/p>\n

\u201cSawgrass Pointe I is located in South Florida\u2019s largest office park, Sawgrass International Corporate Park, which is strategically bounded by the Sawgrass Expressway, interstates 75 and 595,\u201d<\/em> Lob\u00f3n explained in prepared remarks. \u201cBeing at the nexus of three major South Florida roadway systems offers the business park unmatched access\u2014an estimated 5.6 million people, more than 90 percent of South Florida\u2019s population, live within a 60-minute commute.\u201d<\/em><\/p>\n

Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The property recently underwent a series of renovations and sits within Sawgrass International Corporate Park, South Florida\u2019s largest office campus.<\/p>\n","protected":false},"author":240,"featured_media":1004205914,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,1492,21742,21747],"tags":[32789,35047,35049,34880,33215],"class_list":["post-1004205913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-miami","category-latest","category-office","tag-cbre","tag-christian-lee","tag-jose-lobon","tag-starwood-capital-group","tag-wells-fargo-bank"],"acf":[],"yoast_head":"\nTrue North Buys South FL Office Asset for $51M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/true-north-buys-south-fl-office-asset-for-51m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"True North Buys South FL Office Asset for $51M\" \/>\n<meta property=\"og:description\" content=\"The property recently underwent a series of renovations and sits within Sawgrass International Corporate Park, South Florida\u2019s largest office campus.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/true-north-buys-south-fl-office-asset-for-51m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-05T16:13:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T16:13:54+00:00\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Sawgrass-Pointe-I1.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/true-north-buys-south-fl-office-asset-for-51m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/true-north-buys-south-fl-office-asset-for-51m\\\/\"},\"author\":{\"name\":\"Timea-Erika Papp\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/f58a713dcbdcb5aab2648af2aa04d6ae\"},\"headline\":\"True North Buys South FL Office Asset for $51M\",\"datePublished\":\"2018-02-05T16:13:42+00:00\",\"dateModified\":\"2022-12-06T16:13:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/true-north-buys-south-fl-office-asset-for-51m\\\/\"},\"wordCount\":276,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/true-north-buys-south-fl-office-asset-for-51m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/02\\\/Sawgrass-Pointe-I1.jpg\",\"keywords\":[\"CBRE\",\"Christian Lee\",\"Jose Lobon\",\"Starwood Capital Group\",\"Wells Fargo Bank\"],\"articleSection\":[\"Deals\",\"Finance\",\"Investment\",\"Miami\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/true-north-buys-south-fl-office-asset-for-51m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/true-north-buys-south-fl-office-asset-for-51m\\\/\",\"name\":\"True North Buys South FL Office Asset for $51M - 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