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

Property Image
SOLD
$19,000,000
Jose Lobon
Amy Julian
+ 1

Florida

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Office93,724 SF
Sold 10/31/2017
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Property Image
SOLD

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...

See Similar Deals
Office93,724 SF
Sold 10/31/2017
Jose Lobon
Amy Julian
+ 1
Contact now

Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$202
Total Square Footage:93,724 SF
Transaction Type:Sale

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
34 deals$2.1B volume(305) 381-6478
BROKER

Jose Lobon
CBRE
53 deals$3.8B volume(305) 381-6446
BROKER

Chris Gallagher
The Boulos Company
4 deals$28.7M volume
BROKER

Tyler Ploshnick
1 deal$19M volume(954) 516-7001
BROKER

BUYER

Details

SOLD
IMAGE: 1580 Sawgrass Corporate Pkwy, Fort... MARKET: Sawgrass SELLER'S REP: José Lobón(CBRE), Amy Julian(CBRE), Chris Gallagher(The Boulos Company) BUYER: C-III Capital Partners SELLER: Realty Associates Fund VIII PRICE: $19,000,000.00 SF: 93724

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

$1,013,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$67,502.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$90,069.69
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