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.
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 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 office park last sold in 1996 for $15,875,000.
The 240,669-square-foot building was 95% leased at the time of the sale.
Cornerstone joined forces with Crocker Partners to acquire Esperanté in December 2013 for $71 million. CLICK ON THE HEADLINE FOR MORE
CREC and CBRE co-broker the sale of the 164,848 square foot property. CLICK ON THE HEADLINE FOR MORE