Banyan Street Capital of Miami, in a joint venture with Oaktree Capital Management of Los Angeles, acquired Douglas Entrance, a Class A, 467,325-square-foot landmark five-building office campus in Coral Gables, from Pearlmark Real Estate Partners of Chicago for $100,750,000, or $216 per square foot.
The property was 82% leased to a diverse roster of tenants at the time of the sale.
Representing the seller, CBRE generated strong interest in the project from a number of the nation’s leading investment firms. CBRE Vice Chairman Christian Lee attributes the high level of interest to Miami’s rebounding office market and the project’s historic significance.
“While investment appetite for Coral Gables office product has always been strong, the resurgence of office market fundamentals has taken the appeal of Coral Gables real estate to another level,” he said. “Following two years of strong absorption, declining vacancy and sharp job growth, CBRE projects market rents in Coral Gables to far outpace inflation for the foreseeable future.”
CBRE Senior Associate José Lobón added, “Not only does Douglas Entrance hold a remarkable place at the historic entrance to Coral Gables, it is also one of the most unique corporate office campuses in South Florida. It offers the best parking ratio in the submarket, with a great location near major transportation arteries, an unmistakable old-world charm and access to a plethora of modern conveniences.”
Located at the intersection of SW 37th Avenue (Douglas Road) and SW 8th Street (Tamiami Trail), Douglas Entrance, a LEED Silver-certified, Energy Star-rated project, includes modern high-rise towers, street-level retail, boutique office suites, and meeting spaces all in a landmark historic setting. The Mediterranean Revival-style project is listed on the National Register of Historic Places.
The Miami-based CBRE team representing the seller included Christian Lee and José Lobón with CBRE’s Capital Markets Institutional Group; and Charles Foschini and Chris Apone with CBRE’s Debt & Structured Finance Group. Assisting the CBRE team was the leasing and management team from Transwestern, including Eric Groffman, Josh Gibbons and Andrea Lopez.
In a separate transaction, Banyan Street principal Rudy Prio Touzet sold a site off Miami’s Brickell Avenue for $16.75 million.
An Orlando-based developer bought the 28,000-square-foot property at 86 S.W. 8th Street, which consists of 4,417 square feet of parking structure, plus some green space and a surface parking lot. It was acquired by Brickell Bayview Owner, which is affiliated with Orlando-based residential and apartment development firm ZOM.
Touzet’s 80 SW 8th Street LLC, owns the adjacent office building.
The property is near Mary Brickell Village, a popular retail and dining spot.
Zac Gruber, Managing Director at Banyan Street Capital, serves on the Board of Directors for CIASF.
