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1580 Sawgrass Corporate Pkw...

C-III Capital Partners Acquires Property At 1580 Sawgrass Corporate Pkwy For $19M With Realty Associates Fund VIII As Seller
SOLDOffice

C-III Capital Partners Acquires Property At 1580 Sawgrass Corporate Pkwy For $19M With Realty Associates Fund VIII As Seller

1580 Sawgrass Corporate Pkwy, Fort...

$19,000,000

$202/SF

Building Size

93,724 SF

Asset Type

Office

Closing

Oct 31, 2017

AI

The property asset involved in the transaction is an office building located at 1580 Sawgrass Corporate Parkway in the Sawgrass market. The building, known as International Place II, has a total square footage of 93,724 and was sold for $19,000,000.00.

Summary of transaction details:

  • Property Type: Office Building
  • Transaction Amount: $19,000,000.00
  • Square Footage: 93,724
  • Seller: Realty Associates Fund VIII
  • Buyer: C-III Capital Partners
  • Seller's Representatives: José Lobón (CBRE), Amy Julian (CBRE), Chris Gallagher (The Boulos Company)
  • Loan Amount: $13,850,000.00
  • Price Per Square Foot: $203

This transaction involved a partnership between NAI Merin Hunter Codman and C-III Capital Partners, an institutional investor. The property was previously owned by Realty Associates Fund VIII, which had acquired it in 2007 for $22.2 million. CBRE representatives included Christian Lee, José Antonio Lobón, Amy Julian, Chris Gallagher, and Tyler Ploshnick, who represented the seller in this transaction.

Players

Amy Julian

CBRE

Broker

$2.1B

vol

34 deals

Broker
CP
C-III Capital PartnersBuyer

Sawgrass Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.83%

Cash-on-Cash

-0.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93