X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SUNRISE, FL-Fort Lauderdale-based Stiles Corp. has partnered with Minneapolis-based Cargill Value Investment to acquire the nearly 63-acre Sawgrass Technology Park, formerly known as the Racal DataCom complex. Neither Stiles nor Cargill disclosed the price of the acquisition or each partners’ proportion of ownership. However, Stiles Capital Group arranged $55 million in acquisition financing from Metropolitan Life Insurance Co. for the transaction.

The park contains 12 buildings completed between 1982 and 1985. They have an aggregate of 646,369 sf split among three building types. Of the total, 446,604 sf is office space, 128,144 sf is warehouse space, and there is 71,621 sf of flex space. The park is currently 73% leased. Among the tenants are Air France North American reservation headquarters, Sheridan Health Corp., First American Real Estate and the Broward County School Board.

A spokesperson for Stiles tells GlobeSt.com it plans minor upgrades. The rental rates, according to the spokesperson, are between $12 per sf and $15 per sf for office space, between $6 per sf and $8 per sf for warehouse space, and between $8 per sf and $10 per sf for flex space, all triple-net. In a statement, Doug Eagon, Stiles’ president, says the property represented an “ideal opportunity” to continue investing in the Sunrise area, and he notes that his company also owns the 612-acre Sawgrass International Corporate Park here.

ACP Office I LLC, an affiliate of San Francisco-based Amicas Capital Partners sold Sawgrass Technology Park, and brokers in the area office of CB Richard Ellis represented it in the transaction. The buyer was represented in house.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.