The Real Deal Miami

Starwood Capital pays $82M for Miramar business parks

Sale totals 373,902 square feet and 25.6 acres

September 02, 2015 02:15PM
By Katherine Kallergis

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Huntington Centre I

Huntington Centre in Miramar

The Metropolitan Life Insurance Co. has sold two Miramar business parks for a whopping $82 million, according to Broward County records.

MetLife sold the two buildings, Miramar Center I and III, at 3401 and 3601 Southwest 160th Avenue, and two additional buildings, Huntington Centre I and II, at 2801 and 2901 Southwest 149th Avenue. Greenwich, Connecticut-based Starwood Capital Group was the buyer.

HFF marketed the Class A office portfolio on behalf of MetLife, according to a press release. The sale totals 373,902 square feet and 25.6 acres. Vanderbilt Partners will be the property manager for the four-story buildings, which are on both sides of I-75.

HFF senior managing director Hermen Rodriguez, director Ike Ojala and associate director Jorge Portela represented MetLife. Senior managing directors Paul Stasaitis and Wally Reid, and director Chris Drew represented the buyer for the loan. A Starwood affiliate closed on a $60 million mortgage to finance the deal, records show.

“These high-quality suburban office buildings generated much interest among institutional real estate investors,” Rodriguez said in a statement. “There is a clear interest in acquiring Class A office buildings, in submarkets that have a nearby, well-educated workforce and excellent nearby transportation hubs.”

In August, MetLife sold a 17.4-acre corporate park in Hollywood for $45.7 million.