Here are South Florida’s largest office sales of 2019

REITS continue to pay top dollar for Class A office properties in South Florida

Miami /
Dec.December 26, 2019 08:45 AM
From left: MiamiCentral, 800 Brickell, Offices at Doral Square

From left: MiamiCentral, 800 Brickell, Offices at Doral Square

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.


Related Articles

arrow_forward_ios
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Landlords keep raising office space rents despite a grim outlook for vacancy rates (Getty)
Miami office vacancy rates reach Great Recession levels
Miami office vacancy rates reach Great Recession levels
CP Group Managing Partner Angelo Bianco with One Town Center (CP Group)
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Singaporean REIT pays $100M for One Town Center office building in Boca Raton
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
5900 Northwest Broken Sound Parkway and Pebb Enterprises President and CEO Ian Weiner (CBRE, Pebb)
Pebb Enterprises buys Boca Raton office building for $15M
Pebb Enterprises buys Boca Raton office building for $15M
The Coral Gables office building (United Dream Real Estate, Getty)
Dental clinic buys distressed Coral Gables office building for $7M
Dental clinic buys distressed Coral Gables office building for $7M
MG3 Group executives Marcelo Saiegh, Gustavo Bogomolni andHernan Leonoff with the Doral building (MG3, CBRE)
MG3 Group buys Doral offices for $96M
MG3 Group buys Doral offices for $96M
Related CEO Jorge Pérez, President Jon Paul Pérez and the waterfront property (Related, CBRE)
Mexican firm buys former Related Group downtown Miami HQ for $24M
Mexican firm buys former Related Group downtown Miami HQ for $24M
arrow_forward_ios

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

Loading...