Banyan Street Capital and Oaktree Capital Management LP acquired Douglas Entrance, the landmark office campus at 800 S. Douglas Rd. in Coral Gables, FL, from Pearlmark Real Estate Partners for $100.75 million, or about $216 per square foot.
"While investment appetite for Coral Gables office product has always been strong, the resurgence of office market fundamentals has taken the appeal of Coral Gables real estate to another level," said Christian Lee, vice chairman at CBRE. "Following two years of strong absorption, declining vacancy and sharp job growth, CBRE projects market rents in Coral Gables to far outpace inflation for the foreseeable future."
The five-building, 467,325-square-foot office campus was 82 percent leased at the time of sale to a diverse roster of tenants. Located at the intersection of SW 37th Ave. and Tamiami Trail in Miami-Dade County, the LEED Silver-certified and Energy Star-rated project includes high-rise towers, ground-floor retail, office suites and meeting space built between 1920 and 1998 in a Mediterranean Revival style. It is listed on the National Register of Historic Places.
Christian Lee, Jose Lobon, Charles Foschini, and Chris Apone with CBRE represented the seller. The leasing and management team from Transwestern including Eric Groffman, Josh Gibbons and Andrea Lopez assisted in the sale. The buyers handled the acquisition in-house.
"Not only does Douglas Entrance hold a remarkable place at the historic entrance to Coral Gables, it is also one of the most unique corporate office campuses in South Florida. It offers the best parking ratio in the submarket, with a great location near major transportation arteries, an unmistakable old-world charm and access to a plethora of modern conveniences," added Lobón.
Please see CoStar COMPS #2983719 for additional information on this transaction.