A joint venture between Miami-based Banyan Street Capital and Oaktree Capital Management of Los Angeles acquired the Douglas Entrance office complex in Coral Gables for nearly $101 million.
The partnership paid $216 per square foot for the five-building Class A campus, according to CBRE, which arranged the sale. Douglas Entrance was 82 percent leased at the time of the sale to Banyan and Oaktree. Chicago-based Pearlmark Real Estate Partners sold the complex to the venture.
CBRE announced the sale of the 467,325-square-foot complex in a written statement on Wednesday. The transaction has not been recorded by Miami-Dade County.
Located at the intersection of Douglas Road and Southwest Eighth Street, Douglas Entrance is LEED Silver-certified and listed on the National Register of Historic Places.
“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,” CBRE vice chairman Christian Lee said.
Lee and Jose Lobon of the firm’s Capital Markets Group represented the seller, along with Charles Foschini and Chris Apone from the Debt & Structured Finance Group. They were assisted by Transwestern’s Eric Groffman, Josh Gibbons and Andrea Lopez. — Eric Kalis