Colonnade Capital Acquires Douglas Entrance Complex In Miami For $76M

The Douglas Entrance complex in Coral Gables, Miami, covering 6.2 acres of office space, was recently sold for $76 million. This property comprises four buildings and spans a total of 948,568 square feet, equating to a price per square foot of $80. The transaction involved the buyer, Joseph S. Sambuco from Colonnade Capital, acquiring the asset from the sellers, Rudy Touzet of Banyan Street Capital, and John Sweeney of Oaktree Capital Management.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $76,000,000
• Address: 800 Douglas Road
• Market: Miami
• Buyer: Joseph S. Sambuco - Colonnade Capital
• Seller: Rudy Touzet - Banyan Street Capital; John Sweeney - Oaktree Capital Management
• Lender: Wells Fargo
• Square Footage: 948,568
• Price per Square Foot: $80

The sale of the Douglas Entrance complex signifies a decline in Miami's investment sales market, with the property changing hands for nearly 25% less than its purchase price a decade ago. Among the tenants of this office campus are notable companies like MastTec, a telecommunications provider owned by Jorge Mas, who is known for backing the Inter Miami soccer club.