On behalf of an overseas institutional investor, Deutsche Asset & Wealth Management has acquired The Alhambra office campus in Coral Gables through its Alternatives and Real Assets (ARA) business platform.
The two-building, 326,415-square-foot portfolio is comprised of the 14-story, 231,632-square-foot Alhambra Plaza at 2 Alhambra Plaza and Alhambra West, a seven-story, 93,373-square-foot building at 95 Merrick Way. The assets were built in 1987 and 1961, respectively.
The purchase price was not immediately available. The buildings were last purchased by South Florida Equities REIT, Inc. in August, 2004 for $72.3 million.
“The Alhambra is a well-located property in the Miami market, and is leased to a strong mix of quality national, multinational, and local tenants in a diverse mix of industries,” said Todd Henderson, head of real estate in the Americas for ARA, which has more than $51 billion in assets under management. “The project offers an immediate income generation opportunity through the leasing of vacancy in the portfolio and long-term value via a targeted capital improvement program to reposition the asset.”
Manuel de Zarraga with HFF listed the properties for the seller. Zarrega negotiated the 2004 sale.
Deutsche AWM, an affiliate of Deutsche Bank AG with over $1.2 trillion under management, handled the sale in-house and has retained JLL to take over leasing at the two buildings.
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