The Real Deal Miami

Banyan Street Capital buys Dadeland office tower

Delma Properties sold 16-story building for $310 psf
November 22, 2017 10:30AM

9350 Financial Centre (Credit: CBRE)

Banyan Street Capital paid $33 million for an office tower in the Dadeland neighborhood of Miami.

Delma Properties sold the 105,700-square-foot 9350 Financial Centre, according to a press release. Banyan Street financed the purchase with a seven-year loan from BankUnited.

It sold for more than $310 per square foot.

The 16-story building, at 9350 South Dixie Highway, includes a six-story parking garage. Banyan Street plans to renovate the common areas and increase rents. CBRE’s Kurtz-Parker team, including Diana Parker and Jason Krieger, will handle office leasing.

In Kendall, Class A office rents were asking $39.50 per square foot in the third quarter of this year, according to a report from Transwestern. The submarket’s overall vacancy rate totaled 17.5 percent.

CBRE’s Christian Lee, José Lobón and Amy Julian represented the seller. Attorney Stuart Kapp also worked on the deal.

Property records show the building last sold for $30.2 million in 2006.

In October, Miami-based Banyan Street Capital paid $81.5 million for the 200 East Broward office tower in downtown Fort Lauderdale, marking the first major office sale in the city in months. – Katherine Kallergis