Sunrise Office Property Unloaded at a Loss
A large office property in Sunrise sold for $36.5 million, nearly $21 million less than it did six years ago.
The S. Florida Business Journal reports Accesso paid $36.5 million for Sawgrass Lake Center, a six-story, 239,373-square-foot office building with a five-level parking garage and a surface lot. A $21 million loan from Kawa Capital financed Accesso’s purchase.
The seller was Foundry Commercial and American Realty Advisors. In March 2018, Foundry paid $57.4 million for the property. Foundry was represented by Christian Lee, Sean Kelly, Tom Rappa, and Mathew Lee of CBRE in the sales transaction.
On-site amenities include a fitness center, a yoga studio, a tenant lounge, a conference center, and a grab-and-go cafe. Tenants include AT&T Inc., GoVine Insurance, Watches of Switzerland, and Steven Douglas.
The distressed sale is nothing new to the region. One Town Center in Boca Raton was acquired for $99.5 million in 2021 and then sold for $82 million last summer.
