A six-story, 239,373-square-foot office building in Sunrise was recently sold for $36.5 million, marking a significant decrease of nearly $21 million from its sale price six years ago. According to the South Florida Business Journal, Accesso purchased Sawgrass Lake Center with financing from a $21 million loan provided by Kawa Capital.
The property was previously owned by Foundry Commercial and American Realty Advisors who acquired it for $57.4 million in March 2018. The sales transaction was facilitated by CBRE’s Christian Lee, Sean Kelly, Tom Rappa and Mathew Lee.
Sawgrass Lake Center offers various on-site amenities such as a fitness center with yoga studio, tenant lounge area and conference center along with a grab-and-go cafe. Notable tenants include AT&T Inc., GoVine Insurance Services LLC., Watches of Switzerland and Steven Douglas.
This distressed sale is not uncommon in the region as evidenced by another recent transaction involving One Town Center in Boca Raton which was bought for $99.5 million last year before being sold at just over an 18% loss for $82 million this past summer.
