{"id":1004676995,"date":"2023-08-22T04:02:21","date_gmt":"2023-08-22T12:02:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004676995"},"modified":"2025-02-24T02:01:06","modified_gmt":"2025-02-24T10:01:06","slug":"torose-equities-jv-buys-miami-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/torose-equities-jv-buys-miami-office-asset\/","title":{"rendered":"Torose Equities JV Buys Miami Office Asset"},"content":{"rendered":"
\"255<\/a>

255 Alhambra underwent a $2 million cosmetic renovation. Image courtesy of Torose Equities<\/em><\/p><\/div>\n

A joint venture between Torose Equities<\/strong>, LNDMRK Development<\/strong> and Terranova Corp<\/strong>. has purchased 255 Alhambra, a 220,000-square-foot office building in Coral Gables, Fla. An affiliate of Deutsche Bank<\/strong> and RREEF Real Estate Investment Trust<\/strong> sold the property\u00a0for more than $50 million, according to The Real Deal<\/em>. The new owners plan to upgrade the building\u2019s amenities and will also execute a business plan to lease up the existing vacancy.<\/p>\n

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.<\/p>\n

Also known as Alhambra International Plaza, the building is in downtown Coral Gables, one of South Florida\u2019s 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<\/a>.<\/p>\n

Torose Equities\u2019 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.<\/p>\n

Sherman launched Torose last year, after leaving Tricera Capital. The company’s first investment was a 350,000-square-foot office building<\/a> in Tampa, Fla.<\/p>\n","protected":false},"excerpt":{"rendered":"

The partnership acquired the 14-story tower for more than $50 million.<\/p>\n","protected":false},"author":3014,"featured_media":1004676996,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1492,21742,21747,32781],"tags":[32791,40396,51014],"class_list":["post-1004676995","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-miami","category-latest","category-office","category-southeast","tag-deutsche-bank","tag-rreef-property-trust","tag-terranova-corporation"],"acf":[],"yoast_head":"\nTorose Equities JV Buys Miami Office Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Torose Equities, LNDMRK Development and Terranova Corp. purchased a 220,000-square-foot office building in Coral Gables, Fla.\" \/>\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\/torose-equities-jv-buys-miami-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Torose Equities JV Buys Miami Office Asset\" \/>\n<meta property=\"og:description\" content=\"Torose Equities, LNDMRK Development and Terranova Corp. purchased a 220,000-square-foot office building in Coral Gables, Fla.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/torose-equities-jv-buys-miami-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-22T12:02:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-24T10:01:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/255-alhambra-e1692703549859.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"639\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/torose-equities-jv-buys-miami-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/torose-equities-jv-buys-miami-office-asset\/\",\"name\":\"Torose Equities JV Buys Miami Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/torose-equities-jv-buys-miami-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/torose-equities-jv-buys-miami-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/255-alhambra-e1692703549859.jpeg\",\"datePublished\":\"2023-08-22T12:02:21+00:00\",\"dateModified\":\"2025-02-24T10:01:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Torose Equities, LNDMRK Development and Terranova Corp. purchased a 220,000-square-foot office building in Coral Gables, Fla.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/torose-equities-jv-buys-miami-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/torose-equities-jv-buys-miami-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/torose-equities-jv-buys-miami-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/255-alhambra-e1692703549859.jpeg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/08\/255-alhambra-e1692703549859.jpeg\",\"width\":639,\"height\":480,\"caption\":\"255 Alhambra underwent a $2 million cosmetic renovation. 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