Sunrise Lot Sale Price Hits High Water Mark
May 23, 2014 – Globest.com
MIAMI—Miami doesn’t have a corner on new multifamily development. Broward County is pushing its own projects forward with a new development site selling in Sunrise.
Aventura-based K-Group Holdings just sold a 6.9-acremultifamily development site in the heart of Sunrise to West Palm Beach-based Richman Group of Florida. The sale price was $15.4 million. At over $2.3 million per acre, this sale represents a high-water mark for land prices in Sunrise according to ARA.
ARA’s South Florida Land Division senior vice president Troy Ballard was the lead advisor, representing the seller. ARA principals Avery Klann and Marc deBaptiste supported Ballard on the deal.
“All of the key ingredients for growth exist in Sunrise,” says Ballard. “The city benefits from key regional job drivers and attractions such as Sawgrass Mills, The BB&T Center—home of the Florida Panthers—and the 660-acre Markham Park.
The multifamily development site sits at the intersection of Northwest 21st Street and Northwest 136th Avenue, just west of the Sawgrass Mills outlet mall. It’s also next to a proposed 65-acre mixed used development of Metropica.
The land will become the eventual site of a 417-unit multifamily development. Dubbed Portico, the project recently received city and county approval. The apartment community will offer four-, five-, and six-story buildings with structured parking.
“Sunrise is firing on all cylinders,” says Ballard. “Residential, retail, and office sectors are all performing well and we expect them to continue to do so for the foreseeable future.” Nearby, American Express recently completed a $21.5 million purchase of a site that it will develop as their regional headquarters, consolidating locations in Plantation, Miramar, and Weston. The facility will house up to 4,000 employees and span about 400,000 square feet. “The recent completion of the express lanes on Interstate 595 makes it easier than ever for Sunrise residents to commute to Downtown Fort Lauderdale,” Ballard say. He referenced the $1.2 billion improvement project for Interstate 595 that created three reversible express lanes flowing east in mornings and west in the afternoon and evening hours.
Portico will add to the office base that includes The Sawgrass Corporate Market, which offers 2.7 million square feet of office space and various office parks including Sawgrass International Corporate Park and Sawgrass Technology Park. Major employers in this market include MEDNAX, Cigna, Vista Health, United Healthcare, Sheridan Healthcare, and General Dynamics.