Colonnade Properties scooped up Douglas Entrance in Coral Gables for $76 million, a nearly 25 % low cost off its past sale price a decade ago.
An affiliate of New York-dependent Colonnade, led by President Joseph Sambuco, acquired the 5-developing business park at 800 Douglas Highway, documents and Vizzda exhibit.
The deal breaks down to $160 a sq. foot for the 474,109-sq.-foot sophisticated.
The vendor, a joint venture amongst Miami-dependent Banyan Street Funds and Los Angeles-dependent Oaktree Money Management, also offloaded a significant amount of money of property finance loan debt as element of the offer. Colonnade assumed $57.7 million in loans with Wells Fargo Bank, records and Vizzda clearly show.
Banyan Road and Oaktree paid out $100 million, or approximately $210 a sq. foot, for Douglas Entrance in 2014, information demonstrate. In 2017, the joint undertaking refinanced about $100 million in home loan credit card debt just after completing a $7 million renovation of the office environment park.
The 6.2-acre web page consists of a seven-story developing, twin 12-tale properties and a parking garage completed in between 1985 and 1998, data exhibit. The home also has two reduced-increase historic buildings completed in 1927.
Douglas Entrance now has a 26 percent vacancy, its web-site demonstrates. The workplace sophisticated is anchored by MasTec, a publicly traded engineering and development organization.
MasTec is led by brothers, Chairman Jorge Mas and CEO Jose Mas. Each are co-creating Miami Freedom Park with partners David Beckham and Los Angeles-primarily based Ares Management. Past summer time, the partnership began web-site function on the prepared $1 billion soccer stadium-anchored mixed-use task on the metropolis of Miami-owned website of the former Melreese Golfing Training course.
Place of work trades in South Florida started off off slow this calendar year. Last thirty day period, Boca Raton-based Kayne Anderson and Chicago-based Remedy Healthcare Houses obtained an workplace sophisticated in Boynton Seaside for $20.5 million.
In January, Meyers Accesso compensated $25 million for Atrium at Damaged Audio, a three-story workplace setting up in the Park at Damaged Seem combined-use task in Boca Raton.
In December, Lennar obtained 5505 Waterford, the nationwide homebuilder’s headquarters in Miami’s Blue Lagoon company district. Lennar compensated $68 million for the eight-story office environment setting up. The same thirty day period, Ben Mandell’s Tricera Capital scooped up Doral Square, an 8-story workplace creating with an adjacent garage in Doral, for $28.5 million.
