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The Real Deal Miami

Las Olas City Centre sale closes for $164M

October 05, 2011 01:16PM

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Rocco Ferrera, chief investment officer at Stiles, and the Las Olas City Centre

An institutional real estate fund believed to be backed by JPMorgan Chase has closed on the $164 million purchase of the Bank of America Plaza at Las Olas City Centre in downtown Fort Lauderdale, World Property Channel reported.

The 23-story office and retail tower at 401 East Las Olas Boulevard, with a five-story, 1,047-space parking garage, was developed in 2002 by Stiles Realty. In 2005, Stiles sold a majority stake to San Francisco-based Shorenstein Properties, but maintained its role as the building’s manager.

The owners jointly chose Holliday Fenoglio Fowler to market the building in March. The tower’s 408,079 square feet are 95 percent accounted for, according to Stiles Realty, which will continue to manage and lease the building.

“Considering the significant recent transactions in this market and current demand for core assets, the partnership felt this was an opportune time to market the property for sale,” said Rocco Ferrera, Stiles’ Chief Investment Officer. [World Property Channel]