Colony Realty Partners, an investment company that acquires and manages commercial real estate with offices in Boston and Irvine, announced this week that its affiliate, CRP-W Brickell LLC, had sold Brickell Bayview Centre in Miami for $70 million. The 33-story building at at 80 S.W. Eighth Street was acquired by an affiliate of Banyan Street Capital, according to a South Florida Business Journal article. The buyer assumed the $47 million mortgage on the property that was made by ACRC Lender W LLC.
Originally constructed in 1986, Brickell Bayview Centre has about 286,000 leasable space feet on 2.4 acres in the Brickell Financial District submarket of Miami/Dade Count. The building was 89% leased at the time of sale to 47 unnamed tenants. "The continued westward shift of the submarket's amenity base, along with immediate access to the Metrorail, provides tremendous upside potential to the new ownership through future leasing," said CBRE vice chairman Christian Lee.
According to a June 2007 CoStar report, Colony Realty Partners acquired Brickell Bayview Centre from a joint venture of America's Capital Partners, State of Utah Retirement Systems, and CBRE Investors for $81.9 million, or about $286 per square foot; the 2007 selling venture acquired the property in early 2005 for $50.2 million.
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