Coral Gables Office Complex Sells For $76 Million
A prominent office complex in Coral Gables has changed hands in a $76 million deal.
The 473,214-square-foot Columbus Center, located at 1 Alhambra Plaza, was sold by court-appointed receiver Chris Neilson to Alhambra Acquisition LLC, an affiliate of Tourmaline Capital Partners.
The acquisition was backed by a $71.61 million mortgage from Banesco USA.
Columbus Center comprises two office towers—one standing 14 stories and the other eight stories tall—constructed in 1990. The property became entangled in foreclosure proceedings when its previous owner, Coral Gables Associates, LLC, defaulted on a commercial mortgage with an outstanding balance of approximately $69 million. Lender VMC Finance 2021-FL4 LLC initiated the foreclosure action in October 2024.
The complex recently underwent an $11 million renovation in 2023.
Tourmaline Capital Partners, founded in 2021, manages a portfolio of 4.5 million square feet of office space nationwide. The firm’s Miami holdings include 777 Brickell, 801 Brickell, and Citigroup Centre.
Source: SFBJ
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