RREEF, the real estate investment management business of Deutsche Bank's Asset Management division, purchased London Square in Miami for $95.25 million on behalf of an institutional client according to a CoStar article. WMD London Square, LLC, an affiliate of Boca Raton-based Woolbright Development, sold the property. The purchase was financed by a $44.1 million mortgage from ING Real Estate Finance.
"The acquisition of London Square, a high-quality mixed use property, provides our client with diverse, stable cash flow with long term growth potential," said Brian McAuliffe, RREEF Americas' Head of Transactions. "We are pleased to have identified this strong investment and believe that it further underscores the value of our global platform and local investment expertise for our clients."
London Square is a 299,103-square-foot property at the southeast corner of SW 120th Street and SW 137th Avenue. Built in 2008, the mixed use complex is 99% leased with major tenants including TJ Maxx/HomeGoods, Ross Dress For Less, and Miami Children's Hospital. The property covers 299,103 square feet including 60,665 square feet of Miami office space for lease.
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