Cushman & Wakefield arranged the sale of 355 Alhambra, a 222,757-square-foot Class A office tower located along Alhambra Circle in Coral Gables.
Cushman & Wakefield’s Mike Davis, Dominic Montazemi, Miguel Alcivar, Rick Brugge, and Rick Colon (with assistance from Ryan Holtzman, Brian Gale, Jordan Spitzberg, Chloe Strada, and Ryan Jenkins) represented the seller on the transaction. The property was sold by PGIM Real Estate and acquired by Princeton International Properties Corporation.
“South Florida remains one of a handful of markets around the country that continues to attract capital for office investment. This exceptional asset provides both stability and upside as rents in greater Miami continue to climb,” said Davis, Executive Vice Chair at Cushman & Wakefield.
Developed in a Mediterranean-revival architectural style in 2001, 355 Alhambra spans 16 stories and is LEED Gold-certified. The tower offers nine stories of office space with tall ceilings and unobstructed views of Coral Gables as well as a seven-floor parking garage; ground floor commercial space; and a live-work-play environment with proximity by foot to a myriad of residential, hotel, shopping, and dining venues.
The acquisition of this Class A building represents a significant milestone for Princeton International Properties as they expand their portfolio and acquire their first South Florida asset in Coral Gables.
“We are excited about acquiring this premier asset in one of the most coveted submarkets in Miami. We look forward to bringing our unique vision and contributing to the growth and success of Coral Gables,” said David Tawfik, President of Princeton International Properties, Corp.
Princeton will begin a comprehensive renovation and improvement plan for the building, ensuring it remains at the forefront of Class A office spaces in the Coral Gables market.
“It was a true pleasure to transact with PGIM, who exhibited the utmost professionalism, cooperation, and ease of communication throughout the entire process. Mike Davis and his team at Cushman & Wakefield also stand as a true leader in the commercial real estate industry, celebrated for their innovative thinking and exceptional service. Their creative approach to facilitating the sale of 355 Alhambra on behalf of PGIM was instrumental in putting together this transaction,” added Tawfik.
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