Florida Value Partners is now a major landlord in the Kendall office submarket after picking up a three-property portfolio near South Miami for $34.3 million.
Miami Lakes-based Florida Value Partners, led by Gus Alfonso, Ed Farah and Alicio Piña, acquired Commons on Sunset at 9350-9360 Southwest 72nd Street, The Forum of Sunset at 9415-9425 Southwest 72nd Street and Sunset Square at 9485-9495 Sunset Drive, records and real estate database Vizzda show. The portfolio spans 260,000 square feet of office space.
The buyer financed the purchase with a $34 million loan from City National Bank of Florida. Two entities managed by Elizabeth Colross Harper in Miami sold the properties, which have a total of six buildings completed in 1985, 1987, 1989 and 1994, records show.
The portfolio, representing an estimated 10 percent of the overall inventory in the Kendall submarket, is near Baptist Hospital, Alfonso said in a statement.
“Florida Value Partners plans to reposition and renovate the vintage office portfolio,” Alfonso said. “The renovation will provide more opportunities for medical tenancy while modernizing the existing office campus.”
Harper’s entities sold the three properties for nearly 10 times above the previous sale prices. In the largest deal, Florida Value Partners paid $12.5 million for Sunset Square, a complex with two low-rise buildings on 4.4 acres, records show. The seller paid $1.4 million in 1984.
The firm paid $11.8 million for Commons on Sunset, a 4.5-acre site with a pair of two-story office buildings, records show. The seller paid $1.3 million in 1989.
The buyer paid $10 million for the third property, The Forum of Sunset, which also has a pair of two-story buildings on 4.4 acres, records show. Harper’s entity paid $1 million in 1994.
Since its founding in 2009, Florida Value Partners has acquired, managed and developed more than $1 billion in real estate properties, including 7,000-plus apartments, two million square feet of commercial space and 3,000 acres of land acquisitions, a press release states.
It is also partnering with Chicago-based John Buck, Aventura-based BH Group and Boca Raton-based Pebb Enterprises to develop a 41-story mixed-use tower in downtown Miami.
