Douglas Entrance trades for nearly $101M

Miami, Los Angeles investors partner to acquire Coral Gables office complex

TRD MIAMI /
Mar.March 19, 2014 12:45 PM

A joint venture between Miami-based Banyan Street Capital and Oaktree Capital Management of Los Angeles acquired the Douglas Entrance office complex in Coral Gables for nearly $101 million.

The partnership paid $216 per square foot for the five-building Class A campus, according to CBRE, which arranged the sale. Douglas Entrance was 82 percent leased at the time of the sale to Banyan and Oaktree. Chicago-based Pearlmark Real Estate Partners sold the complex to the venture.

CBRE announced the sale of the 467,325-square-foot complex in a written statement on Wednesday. The transaction has not been recorded by Miami-Dade County.

Located at the intersection of Douglas Road and Southwest Eighth Street, Douglas Entrance is LEED Silver-certified and listed on the National Register of Historic Places.

“While investment appetite for Coral Gables office product has always been strong, the resurgence of office market fundamentals has taken the appeal of Coral Gables real estate to another level,” CBRE vice chairman Christian Lee said.

Lee and Jose Lobon of the firm’s Capital Markets Group represented the seller, along with Charles Foschini and Chris Apone from the Debt & Structured Finance Group. They were assisted by Transwestern’s Eric Groffman, Josh Gibbons and Andrea Lopez. — Eric Kalis


Related Articles

arrow_forward_ios
Chad Carroll, Matthew Dugow and Liz Hogan with 8750 Ponce de Leon Road (Credit: Douglas Elliman)

JP Morgan managing director buys mansion near Coral Gables

Henry Torres and Merrick Manor

Merrick Manor hires Berkshire EWM to take over sales

From left: Phil Gutman, Camilo Lopez and Herve Barbera, with Ofizzina

Bar Invest Group buys office condos in Coral Gables, plans new HQ

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables

Greystar’s Bob Faith, The Mile (Credit: BuzzBuzzHome)

Greystar sells The Mile apartments for $40M

6855 Sunrise Drive (Credit: Google Maps)

Financier drops $13M for waterfront Coral Gables estate

Liz Hogan and 21 Casuarina Concourse

The biggest piece of land in Gables Estates just hit the market for $50M

arrow_forward_ios
Loading...