MetLife Sells Miramar Office Park For $82 Million

Starwood Capital Group has acquired the Miramar Center and Huntington Centre office parks for $82 million.

Metropolitan Life Insurance Co. sold the 373,902 square feet of Class A office space in four buildings to MRM Office Owner, an affiliate of Starwood Capital, for $219 a square foot.

Bank of America provided a $60 million loan to the buyer.

HFF’s Hermen Rodriguez, Ike Ojala and Jorge Portela represented the seller, and HFF’s Paul Stasaitis, Wally Reid and Chris Drew helped arrange financing for the buyer. The offices will now be managed by Vanderbilt Partners.

“These high-quality suburban office buildings generated much interest among institutional real estate investors,” Rodriguez said. “There is a clear interest in acquiring Class A office buildings, in submarkets that have a nearby, well-educated workforce and excellent nearby transportation hubs.”

The offices are located near the intersection of Interstate 75 and Miramar Parkway, at 2801 and 2901 S.W. 149th Ave., and 3401 and 3601 S.W. 160th Ave. They were built between 2000 and 2006.

MetLife built the Miramar Centre III building in 2006. It acquired the other three offices for a combined $44.9 million in 2004.

 
Source:  SFBJ

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