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Colonnade pays $76M for Douglas Entrance in Coral Gables
New York-based firm acquired a low-rise office building, twin mid-rise office buildings, a pair of historic buildings and a garage
Colonnade Properties scooped up Douglas Entrance in Coral Gables for $76 million, a nearly 25 percent discount off its previous sale price a decade ago.
An affiliate of New York-based Colonnade, led by President Joseph Sambuco, acquired the five-building office park at 800 Douglas Road, records and Vizzda show.
The deal breaks down to $160 a square foot for the 474,109-square-foot complex.
The seller, a joint venture between Miami-based Banyan Street Capital and Los Angeles-based Oaktree Capital Management, also offloaded a significant amount of mortgage debt as part of the deal. Colonnade assumed $57.7 million in loans with Wells Fargo Bank, records and Vizzda show.
Banyan Street and Oaktree paid $100 million, or roughly $210 a square foot, for Douglas Entrance in 2014, records show. In 2017, the joint venture refinanced about $100 million in mortgage debt after completing a $7 million renovation of the office park.
The 6.2-acre site consists of a seven-story building, twin 12-story buildings and a parking garage completed between 1985 and 1998, records show. The property also has two low-rise historic buildings completed in 1927.
Douglas Entrance currently has a 26 percent vacancy, its website shows. The office complex is anchored by MasTec, a publicly traded engineering and construction firm.
MasTec is led by brothers, Chairman Jorge Mas and CEO Jose Mas. Both are co-developing Miami Freedom Park with partners David Beckham and Los Angeles-based Ares Management. Last summer, the partnership began site work on the planned $1 billion soccer stadium-anchored mixed-use project on the city of Miami-owned site of the former Melreese Golf Course.
Office trades in South Florida started off slow this year. Last month, Boca Raton-based Kayne Anderson and Chicago-based Remedy Medical Properties acquired an office complex in Boynton Beach for $20.5 million.
In January, Meyers Accesso paid $25 million for Atrium at Broken Sound, a three-story office building within the Park at Broken Sound mixed-use project in Boca Raton.
In December, Lennar acquired 5505 Waterford, the national homebuilder’s headquarters in Miami’s Blue Lagoon business district. Lennar paid $68 million for the eight-story office building. The same month, Ben Mandell’s Tricera Capital scooped up Doral Square, an eight-story office building with an adjacent garage in Doral, for $28.5 million.