CBRE Capital Markets Secures $30.2 Million Financing Broward Office Building
The transaction was facilitated by CBRE’s Senior Vice President Amy Julian and First Vice President Andrew Chilgren.
The transaction was facilitated by CBRE’s Senior Vice President Amy Julian and First Vice President Andrew Chilgren.
The four-story, 93,219-square-foot boutique office building traded for $20 million.
Currently, the property is 92% leased to a diverse roster of 48 tenants.
The property makes up the office component of a newly delivered mixed-use project with more than 150,000 square feet of high-end retail space located at the main intersection of Miami’s rapidly transforming City of Doral.
The asset last traded in November 2023 for $48 million.
Future renovations planned include further upgrades to the building lobbies, additional building amenities, a new state-of-the-art conference facility, and continued upgrades to the common areas and restrooms.
New ownership plans to spend north of $10 million in capital improvements to the property throughout 2022, including renovations to the lobby areas, corridors, and restrooms of Tower I, II and III. Additionally, they will be enhancing tenant amenities with a conference center, lounge, and state-of-the-art gym.
The development broke ground in January this year with an expected completion date in the first half of 2024.
The seller, a joint venture, purchased the property and excess development land in 2016 for $90 million and executed an extensive redevelopment and re-tenanting of this iconic Ft. Lauderdale asset.
The complex is 90 percent leased to 40 tenants from a variety of industries including healthcare, law, finance and engineering.
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