Coral Gables Office Building Fetches $81 Million

The BAC-Colonnade office building in Coral Gables has sold for $81 million, which nearly matches the 2008 sale price for the Miracle Mile property.
A company managed by Boston-based TA Associates Realty acquired the 169 Miracle Mile building, according to Miami-Dade County records. The transaction closed June 18 and was recorded by the county June 28.
Deka USA Colonnade LP sold the BAC-Colonnade building. The company owned the property through a joint venture between Deka Immobilien, a Frankfurt, Germany-based investment fund, and ING Clarion Group. It paid $82.9 million for the building in June 2008.
No financing was recorded with the latest sale.
The 218,170-square-foot, Class A building is next to the Westin Colonnade Hotel. Tenants include BAC of Florida Bank and restaurants Le Boudoir and Morton’s.
Expensive office sales are picking up again in South Florida. The Broward County office sector generated headlines for the $52 million sale of the Sawgrass Technology Park in Sunrise on May 22. In Brickell, the Sabadell Financial Center sold for $184 million April 10 and Brickell Bayview Centre traded for $70 million March 4.
TA Associates has made two recent expensive industrial sales in South Florida. The company sold an 846,651-square-foot industrial park in Medley on June 20 for nearly $60 million. It also sold a six-building portfolio in Doral for $23.7 million on May 22.
 
Source:  DBR