PGIM Sells Coral Gables Office Tower for $90M
By Julia Echikson September 22, 2023 5:23 pm
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Princeton International Properties paid $90 million for an office tower in Coral Gables, Fla., property records show.
The 16-story building, completed in 2001, offers 222,757 square feet of office space, of which about 85 percent is leased, Eric Englander, Princeton’s vice president of asset management, told Commercial Observer.
Located at 355 Alhambra Circle, the 498,294-square-foot building’s first seven stories house a parking garage with the remaining space serving as offices. Princeton did not take out debt to close the acquisition, Englander said.
The New York-based investor plans to make improvements to the common areas and introduce an amenity package to maintain the building’s status as a Class A property.
The sale is the second in recent weeks on Alhambra Circle, a main road in the wealthy Miami suburb of Coral Gables. In late August, a joint venture among local investors and developers, Lndmrk Development, Terranova and Torose Equities, paid $54 million for an aging, 13-story property at 255 Alhambra Circle.
The seller of the tower at 355 Alhambra, PGIM Real Estate, acquired the property for $83 million in 2015. Cushman & Wakefield’s Mike Davis, Dominic Montazemi, Miguel Alcivar, Rick Brugge and Rick Colon represented PGIM, the asset management arm of Prudential Financial. The team had assistance from C&W’s office leasing team, which is composed of Ryan Holtzman, Brian Gale, Jordan Spitzberg, Chloe Strada and Ryan Jenkins.
In South Florida, New Jersey-based PGIM has been offloading some of its properties, selling two multifamily complexes for a combined $149 million to Greystar in July.
Julia Echikson can be reached at jechikson@commercialobserver.com.
