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CORAL GABLES, FL-New York-based Rreef has acquired the 220,000-sf, 91%-leased 255 Alhambra Circle for $60 million or $272 per sf. It is believed to be one of the highest per-sf prices for a class A office asset this year in this Miami suburb, according to area brokers.

In selling the property, Miami-based American Ventures Realty Investors and New York-based Investcorp realized a 50% return in two years, says Philip Blumberg, president and CEO of 27-year-old American Ventures. “This essentially is a win-win transaction,” Blumberg says. “The transaction price also reflects the strength of the commercial real estate market in Florida. Given the robust environment, we anticipate this office building, and others like it in the area, will continue to generate strong cash flows for years to come.”

The property has been part of American Ventures’ investment portfolio since 1994. Investcorp and American Ventures have jointly owned the building since 2004.

Blumberg says the partnership did the deal at this time “as part of a rebalancing of its investment portfolios, which have comprised some $500 million in commercial real estate and other assets.” He says the partnership “continues to evaluate opportunities to grow our investment returns through acquisitions, as well as divestments.” Blumberg recently formed an investor group that bid on the News Corp. headquarters building at 1211 Ave. of the Americas in New York City.

The Coral Gables sale follows the March divestment of American Ventures’ Brickell Office Tower in Miami. That property sold for $325 per net rentable sf, setting a record transaction price at the time for the Miami commercial real estate market “on a dollar-per-sf basis,” Blumberg says.

Rreef has retained American Ventures to continue managing 255 Alhambra Circle. Major tenants are BankUnited, Stiefel Laboratories and Watson & Wyatt Worldwide. Rreef is a division of DB Real Estate, the investment management group of New York-based Deutsche Asset Management.

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