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Brandon Huffman Of Tourmaline Capital Partners Acquires Office In Coral Gables For $76M

Property Image
SOLD
$76,000,000

Florida

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Office473,214 SF
Sold 03/18/2025
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Property Image
SOLD

Brandon Huffman Of Tourmaline Capital Partners Acquires Office In Coral Gables For $76M

1 Alhambra Plaza

See Similar Deals
Office473,214 SF
Sold 03/18/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$160
Total Square Footage:473,214 SF
Transaction Type:Sale

The property involved in this transaction is an office asset located at 1 Alhambra Plaza in the Coral Gables market. The transaction was executed at a price of $76,000,000.00, covering a total square footage of 473,214.0.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $76,000,000.00
  • Address: 1 Alhambra Plaza
  • Market: Coral Gables
  • Buyer: Brandon Huffman - Tourmaline Capital Partners
  • Seller: Chris Neilson

Brandon Huffman represented Tourmaline Capital Partners in the acquisition, while Chris Neilson was the seller of the property. The transaction showcases significant involvement from both parties in the commercial real estate market.

Players

BH
Tourmaline Capital Partners
Brandon Huffman
7 deals$368.3M volume
BUYER
Banesco USA
Banesco USA
LENDER

Details

SOLD
IMAGE: Brandon Huffman DATE: 03/18/2025 ADDRESS: 1 Alhambra Plaza MARKET: Coral Gables ASSET TYPE: Office BUYER: Brandon Huffman - Tourmaline Capital Partners SELLER: Chris Neilson LENDER: Banesco USA (@BanescoUSA) SALE PRICE: $76,000,000 SF: 473,214 ~ PPSF: $161 NOTE: Tourmaline Capital Partners acquired the 473,214-square-foot Columbus Center in Coral Gables for $76M from court-appointed receiver Chris Neilson. The deal, financed with a $71.61M mortgage from Banesco USA, follows a foreclosure action against the previous owner, Coral Gables Associates, LLC.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,053,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$270,011.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$360,278.77
Annual Debt Service$4,323,345.28