The class B property, located at 999 Ponce de Leon Boulevard, is 91% occupied. Gables CitiTower, completed in 1981, underwent major system upgrades and renovations from 1999 through 2001.
"This property has a strong reputation in the market because it has been meticulously managed and maintained," Jay M. Caplin, a senior director in Cushman & Wakefield's Financial Services Group in Miami, FL, and one of the brokers who represented UBS Realty Investors LLC in the sale, says in a statement. Caplin adds that the building is home to a number of multinational firms, including American Airlines.
John F. Bell, a senior director in Cushman & Wakefield's Financial Services Group in Miami, who also represented UBS Realty Investors LLC, notes that, "The quality and condition of this asset provide the buyer with a well-positioned office property at a price that is below replacement cost," Bell said in the statement.
Caplin states another attractive feature of the property is it offers a ratio of 3.2 parking spaces per 1,000 sf of net rentable space. The building has 395 parking spaces, including a five-story parking garage.
Brookwood Financial Partners LP, formed in 1993, acquires real estate in high job-growth and strong demographic areas across the country. The company has acquired office space in the South Florida, Washington, D.C. and Atlanta markets. There was no broker for the buyer in this transaction.
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