{"id":1004207195,"date":"2018-02-15T07:41:46","date_gmt":"2018-02-15T15:41:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004207195"},"modified":"2022-12-08T19:37:07","modified_gmt":"2022-12-09T03:37:07","slug":"kbs-sells-south-beach-asset-for-38m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kbs-sells-south-beach-asset-for-38m\/","title":{"rendered":"KBS Sells South Beach Asset for $38M"},"content":{"rendered":"<p>By Timea Papp<\/p>\n<div id=\"attachment_1004207198\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004207198\" data-attachment-id=\"1004207198\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kbs-sells-south-beach-asset-for-38m\/555-washington\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg\" data-orig-size=\"3475,2606\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"555 Washington\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;555 Washington&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?w=1024\" class=\"wp-image-1004207198 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg\" alt=\"555 Washington\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg 3475w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=1536,1152 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=2048,1536 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=150,112 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=696,522 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=1068,801 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=1920,1440 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=560,420 560w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=80,60 80w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/555-Washington.jpg?resize=265,198 265w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004207198\" class=\"wp-caption-text\">555 Washington<\/p><\/div>\n<p>KBS Realty Advisors completed the disposition of a Class A mixed-use property totaling 67,020 square feet in Miami Beach, Fla. GreenOak Real Estate acquired the asset for $38 million. CBRE\u2019s Capital Markets and Debt &amp; Structured Finance teams arranged the transaction as well as financing with Mesa West Capital on behalf of the buyer\/borrower.<\/p>\n<p>Located at 555 Washington St., the property encompasses 45,959 square feet of office and 21,061 square feet of retail space, and features a 243-space parking garage. The three-story property was built in 2001 and underwent a series of renovations in 2015. Designed by Arquitectonica, 555 Washington\u2019s appeal is accentuated by its signature illuminated elliptical glass corner with horizontal metal fins.<\/p>\n<h2>&#8216;Main &amp; Main&#8217; location<\/h2>\n<p>Vice Chairman Christian Lee and Senior Vice President Jos\u00e9 Lob\u00f3n oversaw the transactions on the sale effort, while Vice President Amy Julian facilitated the financing. The CBRE Capital Markets team also included Financial Analysts Marcos Minaya and Andrew Chilgren. CREC\u2019s Steven Hurwitz, director of office leasing &amp; partner, collaborated in the marketing of the property. According to Yardi Matrix, KBS purchased 555 Washington for $30 million in January 2007.<\/p>\n<p><em>\u201cThis is truly a \u2018Main &amp; Main\u2019 location, as Washington Avenue represents the primary north-south roadway on the east side of South Beach, and Fifth street is the primary entrance to South Beach from the mainland, via MacArthur Causeway,\u201d<\/em> Lee stated in prepared remarks.\u00a0<em>\u201cThe property is currently 61 percent leased, representing an exceptional value-add opportunity by the lease-up of 26,272 square feet (31 percent) of vacant space in a market where the competitive set vacancy is just 4 percent,\u201d<\/em> Lob\u00f3n added.<\/p>\n<p>In late 2017, CBRE brokered the sale\u00a0of 9350 Financial Center, a <a href=\"https:\/\/www.commercialsearch.com\/news\/banyan-grabs-miami-office-asset-in-33m-deal\/\">Class A office building in Kendall<\/a>, Fla. The firm&#8217;s debt team was also part of the deal.<\/p>\n<p><em>Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CBRE\u2019s Capital Markets and Debt &amp; Structured Finance teams facilitated the transaction and arranged acquisition financing on behalf of buyer Green Oak Real Estate.<\/p>\n","protected":false},"author":240,"featured_media":1004207198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,1492,21752,21742],"tags":[39125,35047,34398,38982,35049,35334],"class_list":["post-1004207195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-miami","category-mixed-use","category-latest","tag-arquitectonica","tag-christian-lee","tag-crec","tag-greenoak-real-estate-lp","tag-jose-lobon","tag-kbs-realty-advisors"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KBS Sells South Beach Asset for $38M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kbs-sells-south-beach-asset-for-38m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KBS Sells South Beach Asset for $38M\" \/>\n<meta property=\"og:description\" content=\"CBRE\u2019s Capital Markets and Debt &amp; 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