CWCapital Sells 300 KSF Miami Office Property to Related for $104M
- Dec 16, 2013
Four years after taking on the role of special servicer for a loan secured by the 302,300-square-foot office property at 444 Brickell in Miami, CWCapital Asset Management L.L.C. has sold the asset to Related Group for $104 million.
The property at 444 Brickell, also known as Rivergate Plaza, is actually a two-building asset, consisting of a 200,400-square-foot tower and another 101,900-square-foot structure. Investors couldn’t resist.
“The company received about one dozen offers for the property, from local to international,” a CWCapital spokesperson told Commercial Property Executive.
It’s been a long road for 444 Brickell. With the assistance of the property’s receiver, commercial real estate services firm Colliers International, CWCapital worked a bit of magic at the office destination over the last few years. The building was appraised at a mere $32.5 million in 2010, according to CWCapital, but that was before the team instituted a $2.9 million capital improvement program to revive the property from deferred maintenance and poor building conditions. The effort was followed by a rebranding and relaunching endeavor. The end result: success for CWCapital and new development options for Related.
“We are very pleased with the outcome of the Brickell transaction and we strongly believe that by waiting to sell the asset until the market improved, we were in a better position to make a full recovery for the trust, which is exactly what happened,” the spokesperson added.