Coral Gables Office Park Trades For $76 Million

Douglas Entrance in Coral Gables has been purchased by Colonnade Properties for $76 million, marking a nearly 25% reduction from the property’s original sale price ten years prior.

Records show that an associate of New York-based Colonnade, headed by President Joseph Sambuco, purchased the five-building office park located at 800 Douglas Road.

The purchase of the 474,109 square foot complex equates to $160 per square foot.

As part of the transaction, the seller—a partnership between Banyan Street Capital, based in Miami, and Oaktree Capital Management, based in Los Angeles—also offloaded a sizeable quantity of mortgage debt. According to documents, Colonnade took on $57.7 million in loans from Wells Fargo Bank.

Banyan Street and Oaktree paid $100 million, or roughly $210 a square foot, for Douglas Entrance in 2014.

The 6.2-acre site consists of a seven-story building, twin 12-story buildings and a parking garage completed between 1985 and 1998, records show. The property also has two low-rise historic buildings completed in 1927.

 

Source:  The Real Deal