Starwood Capital Group Sells Miramar Office Portfolio For $45M
3401, 3601 Southwest 160th Avenue, 2901 & 2801 Southwest 149th Avenue
1,492,800 SF
Summary
The Miramar office portfolio, located at 3401, 3601 Southwest 160th Avenue, 2901 & 2801 SW 149th Ave was sold for $45 million. The sale included a total of 373,200 square feet at a price per square foot of $121. The seller, Barry Sternlicht of Starwood Capital Group, offloaded the property to buyers Moshe Popack & Yaffa Popack of YMP Real Estate Management.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $45,000,000
- Buyer: Moshe Popack & Yaffa Popack - YMP Real Estate Management
- Seller: Barry Sternlicht - Starwood Capital Group
- Lender: Bb Americas Bank
- SF: 373,200
- Address: 3401, 3601 Southwest 160th Avenue, 2901 & 2801 SW 149th Ave
- Market: Miramar
Nathan Pollack also had a role in the transaction, purchasing the remaining interest in the portfolio. YMP Real Estate Management acquired a majority stake and secured a $31 million loan from Banco do Brasil Americas. Despite the property being acquired by Starwood Capital Group for $82 million in 2015, the recent sale at $45 million signifies a 45 percent discount, showcasing challenges in the commercial real estate market, particularly in South Florida.
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