The Real Deal Miami

CBRE makes Miramar buys in $70M deal

January 12, 2010 10:13AM

A pair of Miramar office buildings were part of a portfolio package purchased for $70 million by CB Richard Ellis Realty Trust. The Princeton, N.J. organization did an all cash deal for two single-tenant buildings in the Broward County city, as well as a distribution center for Dr Pepper Snapple Group in West Point, near Jacksonville. CBRE Realty Trust owns another Jacksonville distribution center, which is leased to Unilever. The trust paid a subtotal of $42.5 million, or $190 per square foot, at a 10.1 percent cap rate for the Miramar I & II office buildings at 2300 and 2200 SW 145th Avenue. One building is home to DeVry University, the other to Royal Caribbean Cruises. The DeVry’s building is a two-story, 94,060-square-foot structure. Royal Caribbean’s building is 128,540 square feet in three stories with a lease through May 2016. Dallas-based Behringer Harvard sold the Miramar buildings, which it has owned since its 2007 acquisition. [GlobeSt]