Shareholder, Scott J. Fuerst of Greenspoon Marder, recently completed a transaction in which his client, Fifteen Gap Sawgrass, LLC acquired a 645,000 square foot office complex in West Broward, at nearly a one-third discount from its previous 2005 sale price.
Fifteen Gap Sawgrass, which is managed by the Fifteen Group located in Miami, purchased Sawgrass Technology Park from N/S Sawgrass Office Associates LLC, a company managed by Stiles Corp., for the amount of $52 million. Fuerst played a key role in the transaction, negotiating the purchase agreement and coordinating with counsel for an out-of-state investor group, in closing the transaction. In addition, Fuerst was responsible for the land use & zoning diligence, lease and licensing review, title and survey matters, as well as reviewing loan documents prior to closing.
The deal was complicated by the property originally being part of a larger parcel and therefore tied in to those other parcels by old development of regional impact restrictions and private restrictions, imposed on all parcels by the former owners.
“This was a very complex deal that required a lot of due diligence on Scott’s part,” said Gerald Greenspoon, Co-Managing Shareholder of Greenspoon Marder. “It’s not uncommon to have to navigate through some obstacles when completing a transaction of this size, and we are happy to see another successful outcome for one of our clients.”
Fuerst has a diverse legal real estate background and through his early concentration in residential, zoning, condominium and land use matters, he has developed a broad-based transactional real estate practice.