MIAMI—As part of a $300 million joint venture investment with Long Wharf Real Estate Partners, CNL Commercial Real Estate has grabbed Sawgrass Lakes Center. Financial terms of the deal were not disclosed.
The 239,373-square-foot, class A office building is in Fort Lauderdale's Sawgrass submarket near Interstate 75 and Interstate 595. It is 78% leased with credit tenants such as AT&T and JP Morgan Chase.
"Sawgrass Lakes is in a great location and has strong value-add upside and is well positioned for future absorption," says Pryse Elam, CNL's president of development and investments. "We're very pleased with this acquisition and look forward to expanding our portfolio across the Southeast."
Completed in 2001, the LEED-certified, institutional-quality building offers plenty of parking and amenities in one of Broward County's top performing submarkets. Sawgrass Lakes Center is the first acquisition in a new private equity joint venture that is targeting additional investments in office, industrial, and retail acquisitions across the Southeast and Texas.
"We are excited to acquire one of the premier office properties in western Broward County in a market that has shown resiliency coming out of the downturn," says Justin Smith, managing director at Long Wharf. Long Wharf made the investment on behalf of a value-added real estate fund it manages for institutional investors.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.