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355 Alhambra Circle

Princeton International Properties Corp. Acquires 355 Alhambra Circle Office Building In Coral Gables For $90M
SOLDOffice

Princeton International Properties Corp. Acquires 355 Alhambra Circle Office Building In Coral Gables For $90M

355 Alhambra Circle

$90,000,000

$403/SF

Building Size

223,000 SF

Asset Type

Office

Closing

Sep 19, 2023

AI

Princeton International Properties Corp. has purchased a 223,000-square-foot office building located at 355 Alhambra Circle in Coral Gables for approximately $90 million. This Class-A property marks Princeton International Properties Corp.'s first acquisition in South Florida. The office building will undergo extensive renovation and offers an attractive alternative for tenants who may be priced out of more expensive areas in Miami.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $90,000,000
  • Address: 355 Alhambra Circle, Coral Gables
  • Market: Coral Gables
  • SF: 223,000
  • PPSF: $404

The buyer, Princeton International Properties Corp., represented by David Tawfik, acquired the office building from the seller, PGIM Real Estate, represented by Eric Adler. The transaction was facilitated by a team of brokers from Cushman & Wakefield, including Mike Davis, Dominic Montazemi, Miguel Alcivar, Rick Brugge, Rick Colon, Ryan Holtzman, Brian Gale, Jordan Spitzberg, Chloe Strada, and Ryan Jenkins.

Players

Miguel Alcivar

Cushman & Wakefield

Broker

$965.1M

vol

39 deals

Broker
David Tawfik

David Tawfik

Princeton International Properties

Buyer

$290M

vol

4 deals

Buyer
Eric Adler

Eric Adler

PGIM

Seller

$1.1B

vol

13 deals

Seller

Coral Gables Office Market Snapshot

Boundary boundary · Office · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.18%

Cash-on-Cash

-0.05%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93