"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, said in a statement. "This has enabled Gables CitiTower to attract a diversified tenant base of small and large tenants, complemented by an impressive representation of multinational firms, including American Airlines."
"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, said in a statement. Gables CitiTower, completed in 1981, underwent major system upgrades and renovations from 1999 through 2001. "This has enabled Gables CitiTower to attract a diversified tenant base of small and large tenants, complemented by an impressive representation of multinational firms, including American Airlines."
John F. Bell, a senior director in Cushman & Wakefield's Financial Services Group in Miami, FL, who also represented UBS Realty Investors LLC, added that Gables CitiTower can offer attractive rental rates.
"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. There was no broker for the buyer in this transaction.
Caplin said 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 actively acquired office space in the South Florida, Washington, D.C. and Atlanta markets.
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