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MIAMI-Locally based Saglo Investors has acquired InterAmerican Plaza, a 163,129-sf office building at 701 S.W. 27th Ave. for $25.8 million. The class B building was 98% leased at sale time.

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

According to CB Richard Ellis’ marketing brochure, the purchase price was well below the replacement cost of the building, which is estimated at $55 million or $340 per sf. The investment sales team attributed the replacement estimate in large part to the parking garage, which is one of the largest structures of any office building in Miami.

Constructed in 1974 on 1.85 acres, the building has unobstructed views of Greater Miami. The 37-tenant roster includes South Florida Workforce, Healthy Start Coalition of Miami Dade, Miami Behavioral Health Center, Department of Children and Families and Switchboard of Miami.

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

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

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