The 284,599-sf building sold for approximately $134.93 per sf. It is more than 86% leased.

"We are extremely pleased with the quality of the building and its location immediately west of Brickell Avenue, which provides easy accessibility to major thoroughfares and to public transportation," Thomas W. Brown, senior managing director and director of acquisitions for Brookwood, says in a statement. "In addition, plans for a new mixed-use project adjacent to the property will add to the quality amenities offered to tenants of the building."

That mixed-use project, called Mary Brickell Village, entails a Publix-anchored shopping center with tenants such as P.F. Changs and Starbucks. The newly acquired building also includes 15 parking garage levels.

"Our continued interest in the South Florida market and, in particular, the Miami area is the result of our confidence that the area will continue its development into a top-notch international business center," he says. "It offers a strong workforce and an outstanding quality of life to its residents. The high level of investment by institutional investors has further added stability to the rental and investment market in Miami."

Christian R. Lee, senior vice president of CB Richard Ellis, and Charles Foschini, director of L.J. Melody & Co., a CB Richard Ellis company, represented Brookwood Brickell Bayview Investors LLC in the transaction.

David Moret and Warren Weiser of Continental Real Estate Cos. represented The Arden Group. Moret, a partner with Continental Real Estate Cos. who has been leasing the property since 1998, will continue to lease it for the buyer. Plans call for Continental also to manage the property.

Lee and Foschini also arranged a $31.3 million acquisition loan for the buyer through a correspondent lender. Financing terms include an 81.5% loan-to-purchase price, a five-year term, 30-year amortization and a less than 5% fixed interest rate.

Brookwood is a 10-year-old private equity firm based in Beverly, MA. Brickell Bayview Centre is Brookwood's 10th acquisition in South Florida. Through affiliated companies, Brookwood has acquired more than $125 million in South Florida properties in the last seven years.

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