Trophy Alhambra Complex Sold for $172 per SF

MIAMI-The Peabody Global Real Estate Fund of New York and EdwardsDay of Atlanta have purchased the Alhambra Plaza and Alhambra West office buildings in Coral Gables, FL, for $54.5 million or $171.76 per sf, one of the highest per-sf-prices paid for an office asset in Florida this year, according to GlobeSt.com research.

Area construction industry estimators tell GlobeSt.com the price was still below estimated replacement costs today of about $200 per sf.

“The opportunity to acquire well-leased, quality office buildings significantly below replacement cost in a fundamentally strong sub-market appealed to us,” Peabody Chairman Jerry O’Connor says in a prepared statement.