The buyer obtained a $40.84 million loan from Wells Fargo Bank N.A. for the acquisition. CLICK ON THE HEADLINE FOR MORE
John Criddle and Jon Blunk of Cushman & Wakefield represented the landlord in the transactions. CLICK ON THE HEADLINE FOR MORE
N/S Sawgrass Office Associates LLC, a company managed by Stiles Corp., sold Sawgrass Technology Park, located at 1601 NW 136th Ave. (N. Harrison Parkway) in Sunrise on Tuesday.
Fifteen Gap Sawgrass LLC, a company managed by Miami-based Fifteen Group, is the buyer. The company obtained a $40.84 million loan from Wells Fargo Bank N.A. for the acquisition.
In February 2012, Madelayne Garcia, Stiles Realty Director of Real Estate, inked a long-term extension of the 116,000-square-foot Sheridan Healthcare lease in the park. Garcia received NAIOP’s prestigious Office Lease Transaction of the Year Award of Excellence for all of South Florida for that lease.
The Stiles-managed company paid $79 million in 2005 for the complex.
In a series of separate transactions that continues the upsurge of office leasing activity at owner/developer Charles S. Cohen’s Design Center of the Americas (DCOTA), nearly 35,000 square feet of office space has been leased at the distinctive 30-acre, three-building Class A corporate center, bringing the total square footage of office deals to-date to over 100,000 square feet.
In the largest transaction, Magic Leap, a cutting edge digital animation and cinematic reality experience creator, has leased 11,500 square feet on the 4th floor at 1855 Griffin Road for its corporate offices. The company, which is relocating from Hollywood, was represented by Bennett David of Sara David Realty, Inc. John Criddle and Jon Blunk of Cushman & Wakefield of Florida, as well as Marc Horowtiz and Jennifer Doering of Cohen Brothers Realty, represented the landlord in the 8-year leasing transaction.
In another recent transaction, Orthosenor, Inc., a developer of orthopedic devices and real-time medical software, has leased 10,000 square feet on the 3rd floor for its new southeast headquarters. The company is relocating from Sawgrass Corporate Park in Sunrise. John Criddle and Jon Blunk of Cushman & Wakefield of Florida, as well as Marc Horowitz and Jennifer Doering of Cohen Brothers Realty, represented both the tenant and the landlord in the 6-year leasing transaction.
Also relocating to DCOTA is ALS Management Solutions, LLC, a mortgage and loan servicing business which has taken 7,997 square feet of office space on the 3rd floor for its new Broward County headquarters. The company, which is currently located in Cypress Creek, was represented by Alex Brown of Cresa Partners in the nine-year transaction.
And finally, Empire Estate Holdings LLC, a newly formed internet marketing firm, has leased 5,300 square feet. Travis Herring of CBRE represented the tenant while John Criddle and Jon Blunk of Cushman & Wakefield of Florida, together with Marc Horowitz and Jennifer Doering of Cohen Brothers Realty, represented the landlord in the 7-year leasing transaction.
According to John Criddle and Jon Blunk of Cushman & Wakefield of Florida, exclusive office leasing agent for DCOTA, the 775,000-square-foot property, outstanding amenities, central location and close proximity to major highways were key factors in attracting all four tenants.
“While the property is extremely popular in the art/design community, we are seeing a strong uptick in leasing activity from non-design tenants as well,” Criddle said, noting that the new deals come on the heels of two other notable recent office transactions at the complex, including a 15,069-square-foot lease for Avis Budget Group and a 9,406-square-foot lease for Hull & Company.
Charles S. Cohen heads a multi-faceted real estate development company that owns and manages over eleven million square feet of prime Class A Manhattan, West Side Los Angeles and Houston commercial space. Among his signature New York commercial properties are 623 Fifth Avenue, 135 East 57th Street, 805 Third Avenue, 750 Lexington Avenue, 622 Third Avenue, 979 Third Avenue, 3 East 54th Street, 475 Park Avenue South, the D&D Building at 979 Third Avenue and 333 Westchester Avenue in White Plains, NY.
Sawgrass Office Park Changes Hands
/in Done Deals, News/by SFOBA STAFFThe buyer obtained a $40.84 million loan from Wells Fargo Bank N.A. for the acquisition. CLICK ON THE HEADLINE FOR MORE
DCOTA Brings 35,000 SF In New Tenants Aboard
/in News/by SFOBA STAFFJohn Criddle and Jon Blunk of Cushman & Wakefield represented the landlord in the transactions. CLICK ON THE HEADLINE FOR MORE