Originally acquired in 2021, the campus was repositioned through a multi-year strategy to concentrate tenancy, enhance the office assets and unlock a portion of the site for residential development, enabling two distinct paths for value creation.
CBRE’s Christian Lee, Sean Kelly, Tom Rappa and Matthew Lee represented the seller in the transaction.
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.”
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 asset is among the tallest office buildings in Sunrise and is the only property in the submarket with garage parking, adjacent hospitality and walkable retail.
The four-story, 93,219-square-foot boutique office building traded for $20 million.
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.
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