Unloaded Archives - VRJ Properties

Sunrise Office Property Unloaded at a Loss

VRJwebmaster — Thu, 16 Jan 2025 15:34:16 +0000

A large office property in Sunrise sold for $36.5 million, nearly $21 million less than it did six years ago.

The S. Florida Business Journal reports Accesso paid $36.5 million for Sawgrass Lake Center, a six-story, 239,373-square-foot office building with a five-level parking garage and a surface lot. A $21 million loan from Kawa Capital financed Accesso’s purchase.

The seller was Foundry Commercial and American Realty Advisors. In March 2018, Foundry paid $57.4 million for the property. Foundry was represented by Christian Lee, Sean Kelly, Tom Rappa, and Mathew Lee of CBRE in the sales transaction.

On-site amenities include a fitness center, a yoga studio, a tenant lounge, a conference center, and a grab-and-go cafe. Tenants include AT&T Inc., GoVine Insurance, Watches of Switzerland, and Steven Douglas.

The distressed sale is nothing new to the region. One Town Center in Boca Raton was acquired for $99.5 million in 2021 and then sold for $82 million last summer.

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Buckhead Office Project Unloaded at a Loss

VRJwebmaster — Fri, 28 Jun 2024 14:06:37 +0000

The Ameris Center, home of Ameris Bancorp, sold for $81 million, a 10% decrease from its purchase price nine years ago. The seller was Atlanta Property Group. It was acquired by Miami-based B Group Capital Management. The 535,000-square-foot property sold for approximately $151 per square foot. It last sold for $90 million in 2015.

The Atlanta Business Chronicle reported B Group funded the acquisition of Ameris Center with a $61.9 million loan from Truist Bank that matures in June 2029. Truist also held the original $87.5 million loan that was backed by the property.

Miami-based B Group says it elevates properties through repositioning and remodeling.

Atlanta Property Group prioritizes environmental matters. The company stresses reducing carbon emissions. It retrofits existing buildings to make them as climate-conscious as possible while also creating a healthy environment for the people who work at the properties.

The post Buckhead Office Project Unloaded at a Loss appeared first on Connect CRE.

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