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.
Quickly rising interest rates accelerated the loan closing as the lender was only willing to hold a very favorable rate for a short period of time. The loan also included additional funding for the development of a vacant outparcel located on the site.
The price equated to $267 per square foot.
Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets worked on behalf of the borrower, a private investor, to arrange a seven-year, fixed-rate loan from Bank United.
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 complex is 90 percent leased to 40 tenants from a variety of industries including healthcare, law, finance and engineering.
The three Class-A office buildings total 222,682 square feet.
The office park last sold in 1996 for $15,875,000.
Christian Lee, José Lobón and Marcos Minaya of CBRE Capital Markets, and Jay Adams with Newmark represented the seller, Encore Capital Management, in the transaction.
The deal equates to about $318 a square foot for the nearly 243,000-square-foot complex.
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