Four Sunrise Office Buildings Acquired For More Than $50 Million

1550, 1551, 1560 and 1601 Sawgrass Corporate Parkway have been purchased for more than $50 million.
In four separate transactions last Friday, F6 Sawgrass LLC, a Brookdale-managed company, purchased the buildings, which total 404,605 square feet, according to data compiled by CRE-sources.
Brookdale is an 18-year-old private commercial real estate investment firm that makes purchases through sponsored closed-end investment funds.
It has already added the Sunrise buildings, Corporate Center I and III , International Place I and Sawgrass Plaza, to a list of currently owned properties in Florida on its website. Brookdale also owns office buildings in Orlando and Tampa.
The sellers were Washington, D.C.-based BIT Investment Forty-Three LLC, BIT Investment Forty-Four LLC, BIT Investment Forty-Five LLC and BIT Investment Forty-Six LLC, according to the deeds. The companies are all managed by William K. Mihm.
The sellers paid a combined $86.5 million for the buildings in September 2007, so last week’s sale represents about a $37 million loss on the investment. That does not include taxes and operating costs that were accrued during the five years of ownership.
Source:  DBR



Get the latest industry news and information from CRE-sources delivered right to your email inbox!

And we promise…no more than one email each morning.