It is currently 98% leased. Among the major tenants are Knoxville, TN-based Team Health Inc., which is a physician outsourcing firm, and Pitney Bowes.

Hermen Rodriquez and Fred Welker, managing directors, and Kim Flores, associate director of the Miami office of Holliday Fenoglio Fowler, negotiated for the seller, which Rodriguez identifies only as Sunrise Properties & Investments #17 LLC. William Holly of Miami-based Holly Real Estate represented Continental Citrus.

"It was a great investment opportunity," Rodriquez says, crediting its location one block north of Sunrise Boulevard and west of the Florida Turnpike along with the building's "strong rent roll. This submarket is the second largest office market in Broward County." He tells GlobeSt.com, "the average asking market rental rate for class B office space in this submarket is $15 per sf, net."

According to a fourth-quarter report from Cushman & Wakefield, the direct office vacancy rate in Plantation is 8.9%. The price per sf for this trade is nearly parallel with the price paid for Sawgrass Technology Park in nearby Sunrise at the end of 2005. The highest price tag was nearly $250 per sf for Southpoint Medical Center at 600 S. Pine Island Rd. in November 2005.

Jeff Holding, managing director of this area for CB Richard Ellis, cites a continuing tightening of this submarket and attributes some of that to American Express Co.'s 390,000-sf lease renewal at 777 N. Pine Island Rd. and DHL's consolidation into 110,000 sf in Cornerstone I in Cornerstone Corporate Center. A 240,000-sf Cornerstone IV is expected to break ground by the end of this year.