SunTrust International Center in downtown Miami sells for $127 million.May 14, 2018
SunTrust International Center in downtown Miami just sold to PCCP for $127 million.
Crocker Partners sold the 31-story office building at 1 Southeast Third Avenue about three years after renovating the tower. The 440,000-square-foot office building has nearly 170,000 square feet of vacant space, José Lobón of CBRE said in a press release. The 33,500-square-foot retail portion is fully leased, and includes a 13,000-square-foot Walgreens.
PCCP financed the deal with a $101.8 million loan from Invesco.
The tower’s recent $13.5 million renovation includes upgrades to its grand lobby and multi-tenant floors. Renovations also include new elevators and revamped outdoor terraces. Tenants include Adstream America, Cogent Communications, Q-nomy the Italian Trade Commission and SunTrust.
Records show Crocker Partners paid $82.4 million for the property in 2011.
Headquartered in Los Angeles, with offices in New York and San Francisco, PCCP has about $6.5 billion in assets under management on behalf of institutional investors, according to the release.
The SunTrust International Center is a building in Downtown Miami, Florida, United States. It is located in the heart of the Central Business District, on Southeast 1st Street near 3rd Avenue. It is one block west of Biscayne Boulevard.
Info Source Wikipedia
Press Release The Real Deal South Florida