Hines sells Doral office building, CVS to Rialto Capital Advisors: $56M

Miami /
Sep.September 07, 2016 09:45 AM

A Hines fund just sold a portion of the Doral Corporate Center to an affiliate of Rialto Capital Advisors for $56.25 million. 

Records show Hines VAF II Doral LP sold a building at the office park to Rialto’s RREF III-P Doral Office LLC, as well as a new CVS pharmacy on the northeast corner of 87th Avenue and 36th Street. Rialto financed the deal with a $40.2 million mortgage from JPMorgan.

CVS has the ground lease for the 2.8-acre corner, which was previously used as a surface parking lot. It sold for $7.5 million, while the office building sold for $48.75 million. Rialto acquired Plaza I, a seven-story, 139,581-square-foot building at 8750 Northwest 36th Street.

Plaza II, a seven-story, 136,749-square-foot office building on the southeast corner of the block, was not included in the deal.

The Texas-based private investment firm, on behalf of its U.S. Office Value Added Fund, acquired all three properties, a 13.6-acre site, in 2006 for $55.75 million. Hines mortgaged the Class A office complex in 2014 with a $26.7 million loan from TD Bank. Late last month, the company recently sold its stake in a Broward shopping center to an apartment developer for nearly $28 million.

Rialto is a subsidiary of Lennar Corp., the Miami-based homebuilder with its headquarters nearby. The company focuses on diversified real estate investment, management, development and finance.

Rialto also just sold a West Kendall shopping center for $18 million, a $300,000 loss, to IMC Equity Group.


Related Articles

arrow_forward_ios
Bridge Industrial CEO Steve Poulos and Bridge’s Kevin Carroll of Southeast Region of Bridge Industrial with a rendering of the the Bridge Point Doral industrial campus (Bridge)
Bridge’s big bet in Doral: Industrial developer plans 2.6M sf spec project
Bridge’s big bet in Doral: Industrial developer plans 2.6M sf spec project
Lithia CEO Brian DeBoer with the Largo Honda at 554 Northeast First Avenue in Florida City and the Esserman dealership at 10455 Northwest 12th Street in Doral (Southern Oregon University, Google Maps, Largo Honda)
Off the lot: Miami-Dade auto dealership properties trade for $96M
Off the lot: Miami-Dade auto dealership properties trade for $96M
A rendering of One Flagler in downtown West Palm Beach and River Landing Shops & Residences in Miami with Related Companies Stephen Ross and Andy Hellinger and Coralee Penabad of Urban-X Group, developer of River Landing. (Related Companies, RL Miami)
Lease roundup: Stephen Ross’ downtown West Palm project scores financial firm tenants
Lease roundup: Stephen Ross’ downtown West Palm project scores financial firm tenants
RFR's Aby Rosen with 100 Biscayne, RFR, Lease Roundup
Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami
Lease roundup: Fintech firm moves HQ to Aby Rosen’s 100 Biscayne in Miami
Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
 Hines' Jeffrey Hines and Robert A.M. Stern with West Palm Beach ( The Boundary with Noë & Associates, iStock)
Hines, Frisbie launch two-tower luxury condo development in West Palm Beach
Hines, Frisbie launch two-tower luxury condo development in West Palm Beach
Midtown Doral scores $67M construction loan for apartment development
Midtown Doral scores $67M construction loan for apartment development
Midtown Doral scores $67M construction loan for apartment development
Céntrico by Windsor at 8425 Northwest 41st Street in Doral with GID President and CEO Gregory Bates and Chairman W. Gardner Wallace (Google Maps, GID)
GID buys Downtown Doral apartment building for $150M
GID buys Downtown Doral apartment building for $150M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...