FORT LAUDERDALE, FL-Los Angeles-based StarPoint Properties LLC acquires Sawgrass Center, a 57,000-sf retail property at 12300 Sunrise Blvd. for $15 million or about $263 per sf. Tenants include Circuit City, Jared Jewelers, which is a subsidiary of Sterling, and Quarterdeck Restaurant.

The center is located on 7.6 acres across from the 2.2-million-sf Sawgrass Mills Mall, which, according to StarPoint, is the second largest tourist attraction in Florida behind Walt Disney World. Sawgrass Center was completed in 1997. Randall Ryan of the area office of Marcus & Millichap represented the seller, identified as a private investor.

"This center is strategically located in the middle of a major retail corridor with low market vacancy and high traffic counts," says Robert Budman, StarPoint's director of acquisitions. "Sawgrass offered an attractive cap rate on current numbers as well as a potential value-added opportunity due to below market rents. We look forward to acquiring more retail centers in the Florida market."

StarPoint's acquisition criterion emphasizes multifamily and commercial properties within high barrier to entry, infill and high population growth markets, primarily in Southern California, Texas and Florida. Its current portfolio is in excess of three million sf.