The Real Deal Miami

Spanish investors pay $34M for Coral Gables office tower

Buyer is tied to Spanish investors who partnered with Rilea on the Bond on Brickell
150 Alhambra Circle in Coral Gables

150 Alhambra Circle in Coral Gables

A Spanish investment group tied to Rilea Group acquired a downtown Coral Gables office building for $34 million, or $324 per rentable square foot. 

Miami-Dade County records show that an affiliate of Pan American Companies sold the 13-story tower at 150 Alhambra Circle. The full-service real estate firm is based in the building.

The buyer is MDR SB 150 Alhambra LLC, a group led by Manuel M. Llarena, Maria Moratiel del Pilar Entrena and Emilio M. Moratiel. The buyer’s address on the deed also ties back to Brickell-based Rilea Group, which is led by Alan Ojeda. In 2012, the same Spanish investors partnered with Rilea on a Brickell development site, now the Bond on Brickell.

The Gables office building sits on a 33,000-square-foot lot. It was constructed in 1984 and includes a parking garage. The property last sold for nearly $17 million, Miami-Dade county records show.

Tenants include Banesco USA and FedEx Office Ship Center.

Last week, a Deutsche Asset & Wealth Management fund paid $119 million for the Alhambra, a Class A office complex in downtown Coral Gables. Coral Gables has more than 1.5 million square feet of office space in the pipeline, according to a city meeting held in October.