Sean Kelly, vice president at CBRE, said, “The submarket has attracted over 700,000 square feet of tenant relocations from other parts of Miami, as decision-makers prioritize proximity to home. Additionally, more than 150,000 square feet of new-to-Florida tenants have selected Coral Gables for their Miami headquarters.”
The company intends to invest an additional $10 million into refurbishing the property.
Lone Star Funds announced that an affiliate of Lone Star Real Estate Fund VII, L.P., along with an affiliate of Highline Real Estate Capital LLC and Square2 Capital LLC, acquired the asset, marking the most significant office acquisition in Broward County in the past decade.
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.
Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelly of CBRE brokered the transaction on behalf of both the buyer and seller.
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.
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