Walton paid the Equitable Life Assurance Society of the United States $57.5 million for SunTrust International Center in early 1999. It was completed in 1973 and underwent renovations in 2002; and at press time, SunTrust International Center was 88% occupied.
"The building's close-to-everything urban location, strong tenancy and efficient design made it an attractive acquisition," Doug Eagon, president of Stiles Corp., says in a statement. "Purchasing this landmark property in Miami's dynamic Downtown market is a key step in Stiles' statewide expansion and acquisition efforts." He noted the company's Investment Services group's goal to acquire $150 million in "quality real estate assets" in the South Florida, Tampa and Orlando areas next year.
With STIC Partners' purchase of the building, which has seven stories of parking, the venture also acquired an annex parking lot northwest of the building. Stiles' realty and property management divisions will handle the building's leasing and management.
The building, featuring views of Biscayne Bay and the City of Miami, is within walking distance of the Metromover and Metrorail, Bayside Marketplace and other conveniences. It has a high parking ratio and concierge-style services, which a spokesperson says have been factors in the building's upscale tenant roster. That roster includes corporate, financial and professional firms, such as SunTrust Bank; Bank of America NA; Salomon Smith Barney; Akerman, Senterfitt & Eidson PA; the Keyes Co.; and Rachlin, Cohen & Holtz.
This purchase is Stiles' second joint-venture acquisition in 2003 with Guggenheim Partners. The first was the recapitalization of Daniels Crossing Shopping Center in Fort Myers, on Florida's West Coast.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
