Intalex, Itero & Greenwall Acquire Coral Gables Office Portfolio For $97.8 Million
The partnership plans to invest more than $30 million to upgrade and renovate the portfolio with completion expected in 2027.
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The partnership plans to invest more than $30 million to upgrade and renovate the portfolio with completion expected in 2027.
The project will include more than 120,000 square feet of Class A office space, along with over 11,000 square feet of ground-floor retail.
The transaction was led by NAI Miami’s Robert Eckstein and Craig Merlin, who represented the landlord.
The tenant is Sola Salon Studios, the country’s largest salon suite franchise, with more than 740 locations across the U.S. and Canada.
The property is currently improved with the Aventura Offices and Medical Center, a two-story office and medical office building totaling about 37,000 square feet.
The deals will keep two buildings fully occupied while extending tenant commitments into 2035.
To qualify, investors must invest $800,000 in capital from a lawful source of funds into the project.
Eric Cantor of Cushman & Wakefield represented the landlord in the transaction. Dean Katz, Adam Bernstein and Greg Katz of Stream Realty Partners represented Travelpro.
The two-story property sold for $510 per square foot.
Simon acquired the 18.6-acre Sears site last year for $23 million.
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