X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-The 11-story Gables CitiTower office building in Coral Gables, FL’s centralbusiness district has been sold to Brookwood Financial Partners LP for $17 million in cash.UBS Realty Investors LLC sold the property, with 124,931 rentable sf, for approximately $136.08 per sf. The class B property, located at 999 Ponce de Leon Boulevard, is 91% occupied.

“This property has a strong reputation in the market because it has been meticulously managed and maintained,” Jay M. Caplin, a senior director in Cushman & Wakefield’s Financial Services Group in Miami, FL, and one of the brokers who represented UBS Realty Investors LLC in the sale, said in a statement. “This has enabled Gables CitiTower to attract a diversified tenant base of small and large tenants, complemented by an impressive representation of multinational firms, including American Airlines.”

“This property has a strong reputation in the market because it has been meticulously managed and maintained,” Jay M. Caplin, a senior director in Cushman & Wakefield’s Financial Services Group in Miami, FL, and one of the brokers who represented UBS Realty Investors LLC in the sale, said in a statement. Gables CitiTower, completed in 1981, underwent major system upgrades and renovations from 1999 through 2001. “This has enabled Gables CitiTower to attract a diversified tenant base of small and large tenants, complemented by an impressive representation of multinational firms, including American Airlines.”

John F. Bell, a senior director in Cushman & Wakefield’s Financial Services Group in Miami, FL, who also represented UBS Realty Investors LLC, added that Gables CitiTower can offer attractive rental rates.

“The quality and condition of this asset provide the buyer with a well-positioned office property at a price that is below replacement cost,” Bell said in the statement. There was no broker for the buyer in this transaction.

Caplin said another attractive feature of the property is it offers a ratio of 3.2 parking spaces per 1,000 sf of net rentable space. The building has 395 parking spaces, including a five-story parking garage.

Brookwood Financial Partners LP, formed in 1993, acquires real estate in high job-growth and strong demographic areas across the country. The company has actively acquired office space in the South Florida, Washington, D.C. and Atlanta markets.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.