Gables Square, 75 Valencia Ave., Coral Gables, FL, is near the Miami suburb's Miracle Mile retail corridor. The 12-story office building was built in 1987 and has leased 87% of its 82,548 sf.
Club Med's North American headquarters takes up 38% of leased space at Gables Square. The Coral Gables area averaged $31.47 per sf in the second quarter of 2002, according to Cushman & Wakefield of Florida Inc. most recent statistics.
The loan was arranged by Paul Stasaitis, senior director of Holliday Fenoglio Fowler's office in Miami.
"The property recently underwent an extensive renovation of its lobby as well as its interior and exterior common area," Stasaitis says in a prepared statement. "This has become a growing trend along the Miracle Mile as more properties are receiving renovation dollars, making it appealing to lenders."
Transamerica is a wholly owned subsidiary of AEGON NV, based in The Hague, The Netherlands.
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