Intalex, Itero & Greenwall Acquire Coral Gables Office Portfolio For $97.8 Million
The partnership plans to invest more than $30 million to upgrade and renovate the portfolio with completion expected in 2027.
The partnership plans to invest more than $30 million to upgrade and renovate the portfolio with completion expected in 2027.
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.”
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.
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