Torose Equities JV Buys Miami Office Asset

255 Alhambra underwent a $2 million cosmetic renovation. Image courtesy of Torose Equities

A joint venture between Torose Equities, LNDMRK Development and Terranova Corp. has purchased 255 Alhambra, a 220,000-square-foot office building in Coral Gables, Fla. An affiliate of Deutsche Bank and RREEF Real Estate Investment Trust sold the property for more than $50 million, according to The Real Deal. The new owners plan to upgrade the building’s amenities and will also execute a business plan to lease up the existing vacancy.

The Class A property previously traded for $59.9 million in 2006, according to CommercialEdge information. Completed in 1972, the building underwent a $2 million cosmetic renovation in 2014 which included new elevator systems, floor-to-ceiling windows, a new energy efficient HVAC system, lobby improvements, new landscaping and the addition of on-site banking and retail amenities. The 14-story tower features a fitness center, a conference center and 24/h security.

Also known as Alhambra International Plaza, the building is in downtown Coral Gables, one of South Florida’s most pedestrian-friendly neighborhoods, and within walking distance of an abundance of dining options on Giralda Avenue. The property is near Route 41, which provides direct access to downtown Miami.

Torose Equities’ Founder & Principal Scott Sherman said in prepared remarks that with the anticipated upcoming demand for office space in Coral Gables, the joint-venture partners expect the property to generate strong returns with stable in-place cash flow.

Sherman launched Torose last year, after leaving Tricera Capital. The company’s first investment was a 350,000-square-foot office building in Tampa, Fla.