Accesso Completes Acquisition Of South Florida Class A Office Asset
Accesso, a fully integrated investment manager and operator of multi-tenant office, mixed-use and multifamily assets, announced that it has acquired Sawgrass Lake Center, a Class A, 240,000-square-foot office property located at 13450 W. Sunrise Blvd. in Sunrise.
Sawgrass Lake Center sits in the heart of the Sawgrass Park submarket in Broward County and offers strong connectivity to municipalities throughout South Florida, including Fort Lauderdale and Miami.
“As more companies determine their long-term space needs and the recovery of the office sector continues to take shape, we’ve found opportunities to invest in strategically located assets with high-quality amenities and growth potential,” said John Rivard, Chief Investment Officer for Accesso. “Sawgrass Lake Center is a prime example. It is the dominant office property in a submarket with a fundamentally strong business climate, and offers direct proximity to a variety of retail and restaurant offerings and accessibility to main thoroughfares. We expect to continue to capitalize on the general uncertainly in the office market by opportunistically acquiring assets that meet our investment criteria while applying our proven operating platform skills to add value for tenants and partners alike.”
Sawgrass Lake Center is among the tallest office buildings in Sunrise and is the only property in the submarket with garage parking, adjacent hospitality and walkable retail, including a Hilton DoubleTree hotel and Sawgrass Mills Center, the 2.3 million-square-foot, internationally renowned shopping and dining destination located directly across Sunrise Boulevard. The property resides in one of the most accessible locations in South Florida, sitting near the intersection of the Sawgrass Expressway and Interstates 595 and 75.
The property features a market-leading parking ratio of 5.4 per 1,000 square feet through its five-story structured parking garage and adjacent surface lot. On-site amenities include a grab-and-go café, fitness center, yoga studio, tenant lounge and conference center and outdoor seating area, as well as 50-plus dining options within a 10-minute walk. Sawgrass Lake Center has seen 136,000 square feet of leasing activity over the past two years. Select tenants include AT&T Inc., GoVine Insurance, Watches of Switzerland and StevenDouglas.
An abundance of prominent developments representing the ongoing densification and urbanization of Sunrise are located within a one-mile radius of the property, including: Radius Sunrise, a 32-acre mixed-use development; Metropica, a 65-acre site featuring an existing 263-unit condo building and proposed additional residential units, hotel rooms and retail; Sunrise 18, an 18-acre development surrounding the American Express Regional Headquarters, with proposed residential units and retail space; and the Amerant Bank Campus, a 140-acre planned project with proposed residential units, hotel rooms, a casino, an indoor water park and retail venues surrounding the Amerant Bank Arena, which is the home of the 2023-24 Stanley Cup Champion Florida Panthers of the National Hockey League (NHL).
Representing the seller in the transaction were Christian Lee, Sean Kelly, Tom Rappa and Matthew Lee of CBRE.
Christian Lee, Vice Chairman with CBRE, said, “The Sunrise office submarket has historically been highly attractive to tenants looking to pull potential employees from South Florida’s entire population base. The key to this is the tremendous access resulting from the intersection of I-75, I-595 and the Sawgrass Expressway, which provides favorable commute times to nearly all of our workforce. While there is some softness today, we are confident that a bright future is in the cards for this property and this submarket.”
