Fortress Investment Group Acquires Coral Gables Office For $135M

The sale of an office property in Coral Gables, located at 220 Alhambra Circle, has been completed. The property, with a total square footage of 177,000, was sold for a price of $135,000,000, resulting in a price per square foot of $763. The transaction took place on December 15, 2021.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $135,000,000
• Address: 220 Alhambra Circle, Coral Gables
• Market: Coral Gables

The buyer of the property is Fortress Investment Group, represented by Pete Briger Jr. and Wesley Edens. The seller, Amerant Bancorp, was represented by Sasha Dominguez, Jonathan Wolfe, and Jordan Shtulman of STREAM Capital Partners. The brokerage team of Sasha Dominguez, Jonathan Wolfe, and Jordan Shtulman played a crucial role in the transaction as they represented Amerant.

Jonathan Wolfe, reflecting on the deal, expressed satisfaction for both Amerant and the buyer, stating, "This was a very positive transaction for Amerant and the buyer." He further highlighted that Amerant was able to maximize the value of the asset in a strong sale-leaseback market, while the buyer acquired a Class A office property in South Florida, master-leased to a strong credit tenant, Amerant.

Sasha Dominguez also commented on the transaction, noting that the South Florida real estate market is attracting capital from around the world. He expects to witness more companies in the region looking to sell and lease back their corporate-owned real estate due to the highly attractive valuations available today.