Torose Equities, LNDMRK Development, And Terranova Corp Acquire Office Building In Coral Gables For $50M

The 220,000-square-foot office building located at 255 Alhambra Circle in Coral Gables, Florida has been sold for over $50 million. The property was purchased by a joint venture led by Torose Equities, along with partners LNDMRK Development and Terranova Corp. The buyer's representatives include Scott Sherman, Alex Karakhanian, and Stephen Bittel. The seller of the property is Deutsche Bank and RREEF Real Estate Investment Trust.

Summary of transation details

• Property Type: Office
• Transaction Amount: $50,000,000
• Address: 255 Alhambra Circle, Coral Gables
• Market: Coral Gables

The joint venture plans to upgrade the amenities of the office building and take advantage of the projected demand for office space in the area. This transaction represents the commitment of Torose Equities, LNDMRK Development, and Terranova Corp in the Coral Gables market. The sale price of $50 million and the size of the property at 220,000 square feet indicates the significance of this deal in the commercial real estate industry.