F
oundry Commercial sold the six-story Sawgrass Lake Center on West Sunrise Boulevard to Accesso Partners for $36.5 million, nearly seven years after buying it for $57.4 million. This sale represents a 36.4% discount from the original purchase price and is part of a trend of suburban office properties trading at a discount in South Florida.

    The 240,000-square-foot building was completed in 2000 on a 7-acre site and has about 69,600 square feet available for lease. Tenants include AT&T, GoVine Insurance, Watches of Switzerland, and StevenDouglas. Foundry had taken out a $43.8 million loan at the time of its purchase with Regions Bank, which was repaid following the recent sale.

    Accesso Partners took out a $21 million loan from Kawa Capital to finance the purchase. The firm is seizing on South Florida's suburban office discounts as it faces debt woes in Chicago, including a $75 million foreclosure on the 200 West Monroe Street property and a deed-in-lieu of foreclosure on the 20 North Clark Street tower.

    This sale follows other discounted office deals in South Florida's suburbs, including C-III Capital Partners' purchase of One Park Square in Doral for $71 million, or $25 million less than its 2017 price. Valoro Capital also bought an office building in Miami Beach for $22.7 million, a slight discount from its 2015 price.