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.
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.
Dennis Carson with CBRE represented both the buyer and seller in the transaction.
The property sold to a joint venture between Lone Star Funds and Woolbright Development.
The purchase price equates to about $231 per square foot. CLICK ON THE HEADLINE FOR MORE
The purchase price of the property, which is located directly opposite the future site of SkyRise Miami, equates to $495 per square foot. CLICK ON THE HEADLINE FOR MORE
The site is zoned for mixed-use with rights to build up to 3 million square feet of residential, retail, hotel and office. CLICK ON THE HEADLINE FOR MORE
CBRE represented the seller, Global Fund Investments, in the transaction. CLICK ON THE HEADLINE FOR MORE
At the time of sale, the property was 98% leased to national/regional non-anchor tenants including Manhattan Bagel, Little Caesars and Wendy’s. CLICK ON THE HEADLINE FOR MORE
The property is located in one of the wealthiest communities in the United States. CLICK ON THE HEADLINE FOR MORE
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