July 26, 2019 – Harbor Group International, LLC (HGI), a privately-owned international real estate investment and management firm, today announced its purchase of 1340 Concord, a single-tenant office building, for $32.5 million. The 100,710 square foot property is located in the Sawgrass Park submarket of Fort Lauderdale and is currently occupied by technology firm Ultimate Software Group, Inc.
Situated in the major office hub of Sawgrass International Corporate Park, the property benefits from close proximity to a variety of transportation and retail options. It is conveniently located near the Sawgrass Expressway, I-75 and I-595 as well as both the Fort Lauderdale and Miami International airports. Additionally, 1340 Concord has easy access to Sawgrass Mills Mall, one of the largest outlets and retail shopping destinations in the U.S.
“The Sunrise office market is an extremely attractive opportunity for Harbor Group International,” said Jordan Slone, CEO of HGI. “With a strong tenant base and supply-constrained environment, we see great value investing in this Fort Lauderdale submarket.”
According to a recent CBRE report, the Sawgrass Park submarket of Fort Lauderdale currently holds a 6% vacancy rate and is expected to fall to 4.6% in the next two years, outperforming the Fort Lauderdale market. Sawgrass International Corporate Park acts as the regional headquarter home to several blue-chip companies including Fidelity Information Systems, Ford, AT&T and JPMorgan Chase.
The property will be undergoing renovations and features three stories with flexible single-floor or whole-building floorplans.