Flagler Development Company Acquires Class-A Office Building in Sunrise, Florida
biz.yahoo.com
Wednesday March 9, 3:55 pm ET
ST. AUGUSTINE, Fla., March 9 /PRNewswire-FirstCall/ -- Flagler Development Company ("Flagler"), the wholly owned commercial real estate development subsidiary of Florida East Coast Industries, Inc., has purchased Sunrise Corporate Plaza, a 106,648 square foot, Class-A, suburban office building located in Broward County within the Sawgrass International Corporate Park. Flagler bought the property from Opus Real Estate America I, L.L.C. for $19.5 million. The three-story building, completed in 1999, is currently 95 percent leased.
Robert W. Anestis, Chairman, President and Chief Executive Officer, stated, "The building, located in the same market as Flagler Plaza, Flagler's 40-acre land parcel located in Sunrise with entitlements to build 550,000 square feet, will benefit from Flagler's south Florida property management and leasing expertise. This transaction utilized a portion of the tax-deferred proceeds received from the fourth quarter $80 million sale of Section 8, a 460-acre industrial property. Our decision to incorporate Section 8 into the Doral City limits made the formerly industrial parcel more valuable as a residential parcel. We have now deployed the proceeds in a tax-advantaged manner into two buildings, Doral Concourse, a 240,000 square foot Class-A office building and Sunrise Corporate Plaza. We continue to look for ways to unlock value, reposition assets and enhance shareholder value."
"Sunrise Corporate Plaza is a Class-A, recently completed, fully stabilized, well located office building. It's an excellent addition to our portfolio," said G. John Carey, Flagler's president. "Broward County is projecting job growth which should keep this market strong for years to come. In addition, Flagler Plaza's 40 acres is one of the last remaining office entitled parcels in this land-constrained submarket. This acquisition provides the base from which to execute our development plan." |
