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SUNRISE, FL-TA Associates has acquired the 93,373-sf International Place II class A office building for $22 million. The asset is within the Sawgrass International Corporate Park.

The sellers were Fort Lauderdale-based Stiles Corp. and Guggenheim Real Estate, which were represented by CBRE Capital Markets executive vice president Christian Lee, managing director Charles Foschini and vice president Christopher Apone.

The Sawgrass International Corporate Park is a master-planned business park. Among noteworthy tenants at International Place II include Colonial Bank’s South Florida hub office and branch, the national headquarters of Elderly Housing Development & Operation Corp., Trendium Inc.’s corporate headquarters, ResMAE Mortgage, WCI Realty and the Intelligent Office. Lee tells GlobeSt.com that the property was 94% leased at the time of the sale.

Lee says the sellers acquired the property several years ago when it was experiencing significant vacancies. “They leased it up and were in a position to turn a profit on it,” he says.

TA Associates acquired the property because it was seeking income-producing properties for its funds and plans to hold the asset long term. Among attributes of the property is its location, which is close to major highways such as the Interstate 75 and the Palmetto Expressway.

“The result has been high occupancy levels and unprecedented rent growth for office properties in the submarket,” Lee says. “For these reasons, savvy investors like TA have a strong appetite for quality buildings within the park.”

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