Downtown Miami SunTrust International Center Sells for $127M
PCCP LLC, a real estate finance and investment management firm with offices in California and New York, bought the office tower.
May 14, 2018 at 05:39 PM
3 minute read
SunTrust International Center in Miami. Photo: Moris Moreno
SunTrust International Center in downtown Miami has a new owner.
PCCP LLC, a real estate finance and investment management firm, bought the SunTrust office building at 1 SE Third Ave. for $127 million from Crocker Partners LLC, a Boca Raton-based real estate investment firm in a deal that closed May 11, according to CBRE Inc.
SunTrust is a 31-story, 770,195-square-foot tower on a 1-acre lot, according to the Miami-Dade County property appraiser's office.
This is an office building with 406,346 square feet of office space, 33,502 square feet of retail and a pedestal garage.
This means the deal breaks down to about $165 per square foot for the entire building and about $288 per square foot for the leasable space.
The building a block west of Biscayne Boulevard has a 39 percent office vacancy rate, or about 169,727 square feet, mostly concentrated on the five highest floors of the building, according to CBRE.
The rate is one of the highest in the market for Class A space and dates to Akerman's move in 2016 to Three Brickell City Centre.
All the retail space, which includes SunTrust and Bank of America branches, Walgreens and Premo's, is leased.
Two teams from CBRE, which announced the sale Monday, worked on the deal.
CBRE Capital Markets senior vice president Jose Lobon and vice chairman Christian Lee represented Crocker in the sale. The team also included senior financial analyst Andrew Chilgren.
CBRE debt and structured finance vice president Amy Julian worked on behalf of PCCP, formerly known as Pacific Coast Capital Partners, to secure $101.8 million in financing from Atlanta-based investment management firm Invesco Ltd.
This purchase is a value-add opportunity for PCCP, which has offices in California and New York, Lobon said in an emailed release.
“SunTrust International Center offers an immediate opportunity to drive value through the lease up of 169,727 square feet of vacant space in a building that just completed a comprehensive renovation,” he said.
The building's $13.5 million renovation launched before Akerman left includes work on the elevators, the lobby and the multi-tenant floors, according to CBRE.
Podhurst Orseck and the Florida Attorney General's Office are tenants that moved in after Akerman's departure.
The building last traded for $82.4 million when Crocker bought it along with an annex garage at 255 NE First St. in August 2011, according to the appraiser's office.
The recent $127 million sale was of the office tower only.
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