The long-term success of Florida East Coast Industries’ high-speed Virgin Trains USA remains in question, but one thing is certain — office tenants are flocking to properties nearby. As a result, the company was able to sell the office portion of its MiamiCentral station for $159.4 million in the largest office sale of 2019 in South Florida.
Institutional investors and real estate investment trusts are still coming to South Florida, seeking Class A office properties in Brickell and downtown Fort Lauderdale and paying top dollar for trophy assets.
Here are South Florida’s largest office sales of 2019:
VirginTrains USA parent sells MiamiCentral office buildings for $159M. Florida East Coast Industries, the parent company of VirginTrains USA, sold the office portion of its MiamiCentral station for $159.4 million. Coral Gables-based FECI sold the ground-floor retail, two office buildings and the parking garage at 600 Northwest First Avenue to San Francisco-based Shorenstein.
Gatsby Enterprises pays $126M for 800 Brickell. Deutsche Bank’s RREEF sold a Brickell office building to Gatsby Enterprises for $125.5 million. Gatsby Enterprises, a New York-based real estate firm led by principal Nader Shalom; and Master Mind LLC, led by Babak Ebrahimzadeh, closed on 800 Brickell, CBRE said. The 2-acre property includes a 209,122-square-foot office building and an adjacent nine-story parking garage.
Bridge Investment pays $123M for offices in Medley and Doral. Bridge Investment Group bought two office properties in Medley and Doral for nearly $123 million. New York-based investment manager DRA Advisors sold the 387,000-square-foot Offices at Flagler Station in Medley and the 141,000-square-foot Offices at Doral Square, according to the company’s website. DRA’s partner on the Doral property is Banyan Street Capital, a Miami-based firm.
Alliance buys One Financial Plaza in downtown Fort Lauderdale for $117M. Alliance HSP paid nearly $82 million for One Financial Plaza office tower in downtown Fort Lauderdale. In a separate deal for the land underneath One Financial Plaza, Terra Funding-OFP LLC, also tied to Alliance, paid $35.1 million. The buyer of the land signed a 99-year ground lease with the buyer of the building.
Bridge Investment Group buys Sawgrass Technology Park for $73M. Bridge Investment Group paid $74.3 million for Sawgrass Technology Park in Sunrise. A joint venture between funds managed by Oaktree Capital Management L.P. and Fifteen Group sold the 11-building office park at 1601 Northwest 136th Avenue, according to CBRE.
SOURCE: TRD analysis of brokerage data, as provided by Colliers International, news clippings and market reports.