TA Realty Lands $48M Loan for Doral Office Asset
- Mar 20, 2018
CBRE has arranged a $48.1 million mortgage for the financing of One Park Square, a Class A+, 281,786-square-foot office building in downtown Doral, Fla. Guardian Life Insurance Co. provided the long-term, fixed-rate loan.
The advisory team secured the financing on behalf of new owner TA Realty, according to Yardi Matrix. The real estate firm acquired the 11-story asset from New Boston Fund for $96.1 million in September 2017. Located at 3470 N.W. 82nd Ave., One Park Square was built in 2010 and features six stories of office space, five stories of parking and 49,942 square feet of ground-floor retail space.
Strong tenant base
The building is 90 percent leased to a diverse group of tenants representing industries such as travel, technology, marketing and entertainment, health care and logistics. Notable tenants include Amadeus North America, Accor Hotels and L’eudine Global.
CBRE’s South Florida Capital Markets team consisted of Vice Presidents Amy Julian and José Lobón and Vice Chairman Christian Lee. Additionally, the team members were involved in the 2017 sale of the asset.
“The property’s striking features and thriving location in the heart of the rapidly urbanizing City of Doral, combined with an incredibly strong institutional sponsor, resulted in a number of competitive financing options. Guardian’s ability to offer desirable prepayment flexibility while maintaining a very competitive interest rate helped them win the opportunity,” Julian said in a prepared statement.
Image courtesy of CBRE