(Crystal Proenza is associate editor of RealEstate Florida.)
CORAL GABLES-Deka Immobilien, a German open-end property fundbased in Frankfurt, has acquired the 207,000-sf BAC Colonnade classA office building here for $82.9 million in all-cash transaction.Brokers say the $382-per-sf deal may signal a new trend within theongoing credit crunch.
ING Clarion Partners LLC advised and completed the transactionon behalf of Deka Immobilien, while the seller, Fort Worth,TX-based Crescent Real Estate Equities, was represented by DrewBarnette of Eastdil Secured. The 11-story building, located onMiracle Mile at Ponce de Leon Boulevard, contains 27,000 sf ofretail, is 94% leased to 19 tenants and is associated with theadjacent 157-room Westin Colonnade Hotel.
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