Starwood Capital Group Sells Miramar Office Portfolio For $45M

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.