Spanish investors pay $34M for Coral Gables office tower
A Spanish investment group tied to Rilea Group acquired a downtown Coral Gables office building for $34 million, or $324 per rentable square foot.
Miami-Dade County records show that an affiliate of Pan American Companies sold the 13-story tower at 150 Alhambra Circle. The full-service real estate firm is based in the building.
The buyer is MDR SB 150 Alhambra LLC, a group led by Manuel M. Llarena, Maria Moratiel del Pilar Entrena and Emilio M. Moratiel. The buyer’s address on the deed also ties back to Brickell-based Rilea Group, which is led by Alan Ojeda. In 2012, the same Spanish investors partnered with Rilea on a Brickell development site, now the Bond on Brickell.
The Gables office building sits on a 33,000-square-foot lot. It was constructed in 1984 and includes a parking garage. The property last sold for nearly $17 million, Miami-Dade county records show.
Tenants include Banesco USA and FedEx Office Ship Center.
Last week, a Deutsche Asset & Wealth Management fund paid $119 million for the Alhambra, a Class A office complex in downtown Coral Gables. Coral Gables has more than 1.5 million square feet of office space in the pipeline, according to a city meeting held in October.
Source: The Real Deal