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SUNRISE, FL-Adler Group has acquired the 113,548-sf, four-building class A Sawgrass Executive Center from Fort Lauderdale-based Stiles Corp. and is converting three of the buildings into office condos. Matthew Adler, EVP of the Doral-based company, tells GlobeSt.com these will be the first available office condos in this submarket, although, as an indication of demand, he says that a new development, now under construction, is 100% pre-sold.

Without disclosing exactly what his company paid for the center, Adler says, “each building was valued separately for prices between $100 per sf and $200 per sf, for an average of about $150 per sf,” which would take the tag to about the $17-million level. It is keeping one 100%-leased building of about 26,000 sf as a rental. “The entire park is about 84% occupied,” he says.

The center, which was completed in the mid-1990s, consists of three two-story and one three-story building with frontage on NW 136th Street along with a fifth building which Stiles previously sold to Lehman Automotive. Adler will manage all five buildings.

The new owner is renovating lobbies, upgrading security and adding amenities for an investment that Adler says approaches $1 million. Coral Gables-based Codina Realty Services is marketing the condo suites. The average suites are between 2,000 sf and 3,000 sf, and, while prices vary according to location, the average range is $250 per sf, according to Adler. “The prototypical customer is a small business owner who lives nearby,” he says, “and this center is close to the highway system as well as entertainment venues and residences, which gives it access to a huge employee base.”

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