Chicago Firm Picks Up West Palm Office Building
The company intends to invest an additional $10 million into refurbishing the property.
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 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.
CBRE, represented by Chris Lee and Sean Kelly, alongside Blanca Commercial Real Estate, represented by Chris Gallagher, Christina Stine Jolley, and Andres Del Corral facilitated the transaction on behalf of the seller. The property was bought by Galium Capital.
Black Lion President Robert Rivani has plans to invest an additional $50 million to reimagine the property into ‘Class X’ – an innovative concept that aims to redefine luxury and service standards in the office industry.
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.
The price equated to $267 per square foot.
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