Cornerstone Buys Sunrise Office Building For $32M

The Lake Shore Plaza II office building in Sunrise has traded for $32 million.

A company managed by Fort Lauderdale-based Stiles sold the 1300 Concord Terrace building to TR Lake Shore Plaza on Dec. 17, according to Broward County records. The county recorded the transaction on Thursday.

TR Lake Shore is managed by Connecticut firm Cornerstone Real Estate Advisers, which has had a busy month.

Cornerstone partnered with Boca Raton-based Crocker Partners on the $71 million acquisition of downtown West Palm Beach office building Esperante Corporate Center. That purchase closed on Nov. 26.

No financing was recorded for the Lake Shore purchase.

The 128,000-square-foot building was completed in 2008 on nearly nine acres. Tenants include Global Medical Management and Travel Insurance Center.

Another Stiles-managed company sold the Gateway at Sawgrass retail center in Sunrise for $16 million earlier this month.

 

Source:  The Real Deal