Harbor Group Acquires Sunrise Office Building for $33M
Harbor, which is headquartered in Norfolk, VA and has offices in New York City, Baltimore and Israel, closed on the sale on the 100,700-square-foot three story office building on July 25, according to commercial brokerage firm CBRE.
SUNRISE, FL—Harbor Group International, LLC has acquired 1340 Concord Terrace here from Conception, LLC for $32.5 million.
Harbor Group, which is headquartered in Norfolk, VA and has offices in New York City, Baltimore and Israel, closed on the sale on the 100,700-square-foot three story office building on July 25, according to commercial brokerage firm CBRE.
“The Sunrise office market is an extremely attractive opportunity for Harbor Group International,” says Jordan Slone, CEO of HGI. “With a strong tenant base and supply-constrained environment, we see great value investing in this Fort Lauderdale submarket.”
The CBRE Capital Markets team of vice chairman Christian Lee, EVP José Antonio Lobón and Marcos Minaya represented the seller in the transaction. Scott Fuerst, a partner with Greenspoon Marder, also assisted the Capital Markets team with the sale.
“1340 Concord is strategically located in South Florida’s largest office park, Sawgrass International Corporate Park, bounded by the Sawgrass Expressway, Interstate-75 and Interstate-595,” says s Minaya. “Being at the nexus of three major South Florida roadway systems offers the business park unmatched access–an estimated 4.9 million people, more than 80% of South Florida’s population, live within a 60-minute commute.”
Ultimate Software, a leading provider of cloud-based human capital management solutions, recently executed a long-term lease to occupy the entire premises for more than 10 years.
“The recent execution of Ultimate Software’s lease offered investors an attractive long-term yield. Given the quality of the tenant and coveted location within the widely-recognized Sawgrass Park submarket, demand within the investor community was robust,” says CBRE’s Lee.
Built in 1997, the property features an above-market parking ratio of 5.8 per 1,000 square feet, water views and a planned renovation of the entire property prior to Ultimate Software’s move in date. The Sawgrass International Corporate Park is the regional headquarters to several blue-chip companies including Ford, Fidelity Information Systems, AT&T, American Express, Harris Corporation, Xerox and Ticketmaster.
CBRE reports that market fundamentals in the greater Broward County market are strong, with positive net absorption and vacancy declining continuously over the past seven-and-a-half years. The Sawgrass Park submarket has been exceptionally strong with office vacancy currently at just 3.8%, which is the lowest vacancy rate in South Florida for submarkets with more than 1million square feet.