The seller was Quebec, Canada-based Dalfen America, which wasrepresented by CB Richard Ellis vice chairman Christian Lee,CBRE/Melody vice chairman Charles Foschini and vice presidentChristopher Apone, both in the South Florida office, andCBRE/Melody managing director Dan Jennewein in Tampa. The 14-storybuilding consists of nine floors of office above a 222,000-sf,four-story parking garage with 680 spaces. The perimeter of theparking garage has ground floor and mezzanine space that is usedmostly for restaurant and retail uses as well as high-trafficoffice uses, including Miami-Dade Community College. The asset islocated between Coral Gables and Downtown Miami in close proximityto Interstate 95, State Road 836 and US Hwy. 1.

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According to CB Richard Ellis' marketing brochure, the purchaseprice was well below the replacement cost of the building, which isestimated at $55 million or $340 per sf. The investment sales teamattributed the replacement estimate in large part to the parkinggarage, which is one of the largest structures of any officebuilding in Miami.

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Constructed in 1974 on 1.85 acres, the building has unobstructedviews of Greater Miami. The 37-tenant roster includes South FloridaWorkforce, Healthy Start Coalition of Miami Dade, Miami BehavioralHealth Center, Department of Children and Families and Switchboardof Miami.

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Dalfen America acquired the property in 2001. It put $6.1million into a renovation that included roof and cooling towerreplacements, ADA upgrades, lobby, common areas and signs.

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According to CB Richard Ellis, the purchase price was well belowthe replacement cost of the building, which is estimated at $55million or $340 per sf. This figure is attributed in large part tothe parking garage, which is one of the largest structures of anyoffice building in Miami.

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