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Colony Acquires 33-Story Brickell Bayview Centre
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Colony Acquires 33-Story Brickell Bayview Centre
Boston Investor Continues Streak of Acquisitions; Miami Office Tower Fetches $82M
Colony Realty Partners of Boston has acquired Brickell Bayview Centre, a 33-story office tower at 80 SW 8th St. in Miami's Brickell submarket, from a joint venture of America's Capital Partners, State of Utah Retirement Systems, and CBRE Investors for $81.9 million, or about $286 per square foot.
The 286,341-square-foot building was nearly 95% leased at the time of the sale, with tenants including Washington Mutual Bank, The Beacon Council, Bovis Lend Lease, and several law firms and consulates. The property was constructed in 1986.
Christian R. Lee and Charles J. Foschini of CB Richard Ellis represented the seller and secured the buyer in less than 30 days.
Earlier this month, Colony struck deals to acquire the Class A Crown Ridge office building in Fairfax, VA, for $62.3 million, and the Financial Plaza office and retail complex in Overland Park, KS, for $44.7 million. Last month the firm picked up six Forge Park industrial buildings in suburban Boston for $67.8 million.
The selling venture acquired the property in early 2005 for $50.2 million.
Please refer to CoStar COMP #1324180 for additional details on this transaction. |
Posted date : (2007-07-05) |
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