Starwood Capital Group, the CT-based private investment firm, has purchased two business parks in Miramar, Florida from the Metropolitan Life Insurance Co. for $82 million. MetLife sold the two buildings, Miramar Center I and III, at 3401 and 3601 Southwest 160th Avenue, and two additional buildings, Huntington Centre I and II, at 2801 and 2901 Southwest 149th Avenue, according to a report from The Real Deal. HFF marketed the properties on behalf of the seller, and worked on behalf of the buyer to place the acquisition loan. A Starwood affiliate closed on a $60 million mortgage to finance the deal.
"These high-quality suburban office buildings generated much interest among institutional real estate investors. There is a clear interest in acquiring Class A office buildings, in submarkets that have a nearby, well-educated workforce and excellent nearby transportation hubs," said HFF senior managing director Hermen Rodriguez in a statement. The portfolio consists of four, four-story office buildings on both sides of Interstate 75 in western Miramar, which straddles the border between Miami-Dade and Broward counties. Vanderbilt Partners has been assigned as the property manager of the portfolio.
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