CNL Commercial Real Estate and Long Wharf Real Estate Partners have secured a $38.2m loan for the refinancing of Sawgrass Lake Center in Sunrise, Florida.
The loan, provided by Mesa West, according to sources familiar with the deal, will also fund future tenant improvements and leasing costs at the 239,373 sq ft, Class A office building.
The joint venture acquired the property, located at 13450 W. Sunrise Boulevard, in March of 2014 from an affiliate of Invesco Realty Advisors for a reported $45.2m.
Completed in 2001, it is 84 percent leased, sits on 6.9 acres and includes a 1,083-space, five-level parking garage. It is located adjacent to the DoubleTree by Hilton hotel and just south of the Sawgrass Mills Mall, a major Florida tourist attraction said to be the largest single-story mall in the country.
Florida-based CNL Commercial Real Estate in addition to owning owning property across the country offers leasing and management, tenant representation, project management, facilities management and brokerage services across asset classes, as well as a development and investment platform. Boston-based Long Wharf Real Estate Partners is a private equity real estate manager focused on value-added investments in the U.S.
An HFF debt placement team represented the borrower.