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Banyan Street Capital buys Weston office complex for $52M
Seller renovated property after buying it in 2015 for $25M
UPDATED: MAY 12, 9 a.m.: Banyan Street Capital bought the renovated Weston Corporate Center for $52.25 million.
Office investor Banyan Street Capital in a joint venture with Independencia Asset Management, both based in Miami, bought the two-building complex at 2500 Weston Road and 2700 South Commerce Parkway from Newport Beach, California-based KBS, according to a news release.
Christian Lee and José Lobón of CBRE represented KBS in the deal.
A deed shows private equity office investor KBS, which is an SEC-registered investment adviser, bought the two-building, 149,103-square-foot campus in 2015 for $46.75 million.
The Weston Corporate Center I and II buildings were built in 1997 and 1998 on 3.4 acres, according to property records.
KBS, led by Charles Schreiber Jr., gave the four-story buildings a facelift over the past three years by adding a coffee bar and replacing the furniture in atrium lobbies, and by renovating bathrooms, according to the release. Some of the structural improvements include a new roof on one of the buildings and a renovated lakeside resting area.
The campus is 94 percent leased, according to the release. Tenants include DHL, Raymond James and Boston Scientific medical group.
Office real estate owner-operator Banyan Street Capital, founded and led by Rudy Prio Touzet, is a heavy investor on the Eastern seaboard, with a 12 million-square-foot portfolio valued at $3 billion, according to its website.
Its South Florida properties include a pair of seven-story buildings near the intersection of Northwest 36th Street and Northwest 87th Avenue in Doral, purchased in September for $43 million.
In 2019, Banyan was a co-seller with DRA Advisors in the $123 million deal for the Offices at Flagler Station in Medley and the Offices at Doral Square.
Broward County office leasing in the first quarter was down 52 percent, year-over-year, but market experts are betting on a turnaround, according to a CBRE report. Leasing is expected to pick up in the second half of the year.
In one of the notable Broward County office sales this year, Vision Properties bought the Cypress Financial Center in January for $44.2 million.