Real Capital Solutions Acquires FL Space Coast Office
AIG sold the 150,000-square-foot asset for more than $13 million. The buyer financed the acquisition with a five-year, $14.4 million loan.
By Jeff Hamann
AIG Global Real Estate has sold Rialto Place, a 150,962-square-foot office tower in Melbourne, Fla., for $13.1 million to Real Capital Solutions. AIG had purchased the property for $15 million in mid-2015, through a trustee sale on behalf of VALIC, according to Yardi Matrix.
The new owner, Real Capital Solutions, financed the purchase—its second major transaction in Florida this quarter—with a $14.4 million acquisition loan held by M&T Bank, according to Brevard County records. The mortgage matures after five years, with a single one-year extension option.
Located at 100 Rialto Place, the 10-story building rises within 2 miles of more than 1.7 million square feet of Class A and B office space, per Yardi Matrix data. The asset is next door to the 238-key Hilton Melbourne Rialto Place, which traded earlier this year.
A CBRE team, led by Ron Rogg and Chip Wooten, represented AIG in the transaction.
“Rialto Place garnered vast interest from the investor community given its high profile and for being one of the best value-add investment opportunities on the market,” said Ron Rogg, executive vice president at CBRE, in prepared remarks. “Also, there is a surge of corporate activity in the Florida Space Coast, and we are seeing Melbourne’s economy growing rapidly, with the tech and health-care sectors driving much of the expansion.”
Image courtesy of CBRE