Vanderbilt-Barron Collier JV Expands Presence in South Florida

SUNRISE, FL—The joint venture of Chicago-based investment management firm Vanderbilt Office Properties and Barron Collier Companies of Naples, FL has acquired its second office building in the Sawgrass International Corporate Park here.

The partnership purchased Corporate Center II, a nearly fully-leased 91,221-square-foot Class A office building, from the U.S. real estate business of UBS Asset Management in a deal valued at $20.8 million.

Commercial brokerage firm Cushman & Wakefield reported the property sale. The Cushman & Wakefield investment sales team of vice chairman Mike Davis, managing director Dominic Montazemi, executive director Scott O’Donnell and executive director Rick Brugge represented the seller in the transaction.

Last October, the partnership of Vanderbilt Office Properties and Barron Collier acquired Sawgrass Pointe II, a 95,800 square-foot office building, also located within the Sawgrass International Corporate Park.

According to a report in the Real Deal, the Sawgrass Point II office building was sold by a partnership led by Starwood Capital Group for approximately $27.25 million. At the time, Vanderbilt and Barron Colliers stated at the time that the deal marked their third joint venture in a commercial property investment.

The Sawgrass International Corporate Park consists of more than 3 million square feet of office and industrial space and serves as the regional headquarters to a number of national and global organizations.

Corporate Center II at 1571 Sawgrass Corporate Parkway is situated on 6.2 acres and is located adjacent to Interstate 75. Constructed in 1998, the property features vaulted ceilings, polished Italian tiles throughout a two-story lobby, an on-site café, landscaping and a market-leading parking ratio of 4.4 spaces per 1,000 square feet.

At the time of sale, the property was 98% leased to such tenants as Cigna Insurance, Heritage Insurance and Synechron. The park is located adjacent to Sawgrass Mills Shopping Center, the largest single-story outlet mall in the nation.

“Sawgrass International Corporate Park is the premier suburban office park in Broward County,” says C&W’s Davis. “The amenity-rich setting, high visibility and exceptional parking ratio make Corporate Center II an attractive asset to a wide variety of corporate tenants.”

“This asset garnered tremendous interest from the investment community, and ultimately, Vanderbilt Office Properties was selected for their strong presence in the South Florida market and proven track record with suburban office, adds C &W’s Montazemi.

Vanderbilt Office Properties and Barron Collier Companies are doubling down on a very tight commercial office market. C&W reports that the West Broward office submarket, which includes Sunrise, ended 2018 with an overall vacancy rate of 7.8%— the lowest in Broward County.