Another South Florida suburban office property sold at a steep discount, as C-III Capital Partners acquired two Doral buildings for $25 million below the previous sale price seven years ago.
An affiliate of Irving, Texas-based C-III Capital, led by CEO Andrew Farkas, acquired One Park Square at Doral, a 3-acre campus at 3470 Northwest 82nd Avenue, for $71 million, records and real estate database Vizzda show. As part of the deal, C-III Capital assumed a $47.6 million mortgage with Goldman Sachs that matures in 2029.
The buyer paid roughly $252 a square foot for an 11-story building and a three-story building that have a combined 281,785 square feet of office space.
The seller, Los Angeles County Employees Retirement Association, paid $96.1 million for the property in 2017, records show. The buildings were completed in 2009.
C-III Capital is not the only office buyer to land a bargain deal this month.
Recently, Miami-based Galium Capital purchased Lake Shore Plaza II, a five-story office building in Sunrise, for $17 million, nearly half the previous sale price roughly a decade ago. The seller, an affiliate of Boston-based global investment firm Barings Real Estate, paid $32.2 million for the 8.9-acre property in 2013, records show.
Office buildings in South Florida’s suburban markets are often hurting for tenants. Lake Shore Plaza II was 50 percent occupied at the time of sale.
One Park Square at Doral has roughly 29,167 square feet available for lease, according to an online listing. That’s roughly 10 percent of its total office space. The asking rent is between $35 a square foot and $37 a square foot.
Another suburban office trade that sold well below the previous sale price involved Barry Sternlicht’s Starwood Capital Group. The Miami Beach-based firm sold a Miramar office portfolio in August for $45 million, a 45 percent discount from the $82 million Starwood paid in 2015, records show. The portfolio consists of four office buildings spanning 373,200 square feet.