PCCP Shells Out $127M for Miami CBD Office Tower
- May 18, 2018
CBRE Capital Markets has brokered the $127 million sale of SunTrust International Center, a nearly 450,000-square-foot, Class A office tower in downtown Miami. PCCP acquired the asset from Crocker Partners, while Invesco Real Estate provided $101.8 million in acquisition financing.
Located at 1 S.E. 3rd Ave., the LEED Silver certified property was completed in 1973 and recently underwent a $13.5 million renovation program. Amenities at the 31-story building include on-site property management services, conference facility, fitness center, car wash, dry cleaning and a rooftop terrace. SunTrust International Center features an eight-level parking garage and electric vehicle parking stations.
Coveted CBD availability
The tower is surrounded by numerous restaurants, hotels and shopping venues and is within walking distance of Bayfront Park, American Airlines Arena, The Adrienne Arsht Center and Bayside Marketplace shopping complex. Situated on the corner of Flagler Street and Third Avenue, the property provides quick access to Interstate 95, Brickell Avenue and MacArthur Causeway.
“SunTrust International Center offers an immediate opportunity to drive value through the lease-up of 169,727 square feet of vacant space in a building that just completed a comprehensive renovation,” said José Lobón, CBRE senior vice president, in prepared remarks. “Furthermore, the majority of this vacancy is made up of five contiguous full floors located in the upper stack of the tower and represents one of the most desirable blocks of space currently available in the Miami CBD.”
Lobón and CBRE Vice Chairman Christian Lee represented the seller in the transaction, with Vice President Amy Julian facilitating the financing. The team also included Senior Financial Analyst Andrew Chilgren. According to Yardi Matrix, Crocker Partners acquired the asset for $82.4 million in August 2011. In a recent deal, CBRE Capital Markets arranged the sale of The Forum, a two-building office complex totaling 185,089 square feet in West Palm Beach, Fla.
Image courtesy of CBRE