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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.

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