1970 Sawgrass Mills Cir - Office FOR SALE


Fort Lauderdale, FL 33323
$7,250,000 USD
561-312-9364
1970 Sawgrass Mills Cir, Fort Lauderdale, FL for Sale
$7,250,000 USD
Office - FOR SALE
1/16
null | 6.01% Cap Rate

1970 Sawgrass Mills Cir
Fort Lauderdale, FL 33323


HIGHLIGHTS

  • 5,100 SF of GLA on 0.97 acres of land - Outparcel to Sawgrass Mills Mall - one of the highest trafficked mall in South Florida
  • Outstanding Credit behind an Absolute Triple Net Lease (NNN) with no landlord responsibilities
  • Tenant exercised a three (3) year extension through 3/31/2029 with 3% annual increases
  • Original lease term was 10 years with two (2)- three (3) year options, lease commenced in March 2011
  • Florida Blue Center with the highest traffic counts in the tri-county area per Placer.Ai, with approximately 48,000 visits annually
  • Across the street from Amerant Bank Arena - Home of The Florida Panthers. Building was originally a Build-to-suit for Florida Blue

OVERVIEW

Franklin Street is pleased to present Florida Blue located at 1970 Sawgrass Mills Circle in Sunrise, FL. This single-tenant property has 5,100 sf of gross leasable area and is located on an outparcel to the eleventh largest mall in the United States, Sawgrass Mills Outlet Mall. The tenant Florida Blue, has an Absolute Triple Net Lease (NNN), and recently exercised a three (3) year extension with 3% annual rent increases. The original lease term was for 10 years commencing on March 1st, 2011 and had 1% annual rent increases. The surrounding area boasts many national credit & notable tenants, including Best Buy, AT&T, Publix, and Sawgrass Mills with nearly 2.4 million SF with 350+ retail stores; 24 of which are anchored tenants. This Florida Blue location represents an ideal opportunity for an investor to pick up a well-located property with a strong credit tenant.

FOR SALE DETAILS

PRICE

$7,250,000 USD

PRICE/SF

$1,422 USD /SF

CAP RATE

6.01%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Florida Blue - Sawgrass Mall

PROPERTY TYPE

Office

TOTAL BUILDING SIZE

-

STORIES

1

BUILDING CLASS

B

YEAR BUILT

2011

SPRINKLERS

-

PARKING SPACES

18

LAND DETAILS

LAND ACRES

0.97 AC

LAND SF

42,253 SF

ZONING

B-3

APN/PARCEL ID

49-40-26-05-0261

ASK ABOUT THIS PROPERTY

Justin WalkerFranklin StreetMore Info
561-312-9364

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Justin WalkerFranklin StreetMore Info
561-312-9364

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.