Sawgrass Home Design Center in Sunrise Sells for Nearly $14 Million
The commercial property is the second Azor-managed shopping center to sell over the past six months
The Sawgrass Home Design Center, offering a prime location fronting the world-renown Sawgrass Mills outlet mall, recently sold for $13.85 million. The property at 13001-13191 West Sunrise Blvd. is next door to a massive mixed-used development planning to have over 2,000 homes and is near FLA Live arena, a major concert venue and home to the Florida Panthers.
FVP Sawgrass LLC acquired the 45,088-square-foot center for $5.5 million in late 2011, doubling their investment. Beth Azor of Azor Advisory Services represented FVP in the transaction. Apogee Realty Inc. and Capital Group Realty 2004 LLC represented the buyer, Harvest International Investments.
“The demand for strong-performing retail centers in densely populated areas of South Florida is more intense than it has been in many years,” Azor says, founder and CEO of Weston-based Azor Advisory Services. “There is virtually no new development and very little product available for sale, so we decided to capitalize on the market.”
Azor Advisory services leased and managed the multi-tenant shopping center, built in 1994 and most recently renovated in 2021. It is currently 83% leased with key tenants, including DXL Casual Male, Bella Salon Suites, Lighting Outlet, Compass Research and Caremax. In August 2022, a joint venture between Miami and Spanish real estate firms paid $22 million for the 70,369 square-foot, Aldi-anchored Plantation Town Center located less than a mile away at 2140 West Sunrise Blvd. in Plantation.