MIAMI—Douglas Entrance, a 467-325-square-foot landmark office campus in Coral Gables, just traded for $100.75 million. That translates to $216 per square foot.

Banyan Street Capital of Miami acquired the five-building project in joint venture with Oaktree Capital Management of Los Angeles. Pearlmark Real Estate Partners of Chicago was the seller. The office building is 82% leased.

CBRE, which represented the seller, reports strong interest in the project from a several leading investment firms. CBRE vice chairman Christian Lee says Miami's rebounding office market and the project's historic significance sparked the high level of interest.

“While investment appetite for Coral Gables office product has always been strong, the resurgence of office market fundamentals has taken the appeal of Coral Gables real estate to another level,” Lee says. “Following two years of strong absorption, declining vacancy and sharp job growth, CBRE projects market rents in Coral Gables to far outpace inflation for the foreseeable future.”

The LEED Silver-certified, Energy Star-rated project is located at the intersection of Southwest 37th Avenue (Douglas Road) and Southwest 8th Street (Tamiami Trail). The mixed-use Douglas Entrance includes high-rise towers, street-level retail, boutique office suites, and meeting spaces. The Mediterranean Revival-style project is listed on the National Register of Historic Places.

“Not only does Douglas Entrance hold a remarkable place at the historic entrance to Coral Gables, it is also one of the most unique corporate office campuses in South Florida,” says CBRE senior associate José Lobón. “It offers the best parking ratio in the submarket, with a great location near major transportation arteries, an unmistakable old-world charm and access to a plethora of modern conveniences.”  

The Miami-based CBRE team representing the seller included Lee and Lobón with CBRE's Capital Markets Institutional Group; and Charles Foschini and Chris Apone with CBRE's Debt & Structured Finance Group. Assisting the CBRE team was the leasing and management team from Transwestern, including Eric Groffman, Josh Gibbons, and Andrea Lopez.