In selling the property, Miami-based American Ventures Realty Investors and New York-based Investcorp realized a 50% return in two years, says Philip Blumberg, president and CEO of 27-year-old American Ventures. "This essentially is a win-win transaction," Blumberg says. "The transaction price also reflects the strength of the commercial real estate market in Florida. Given the robust environment, we anticipate this office building, and others like it in the area, will continue to generate strong cash flows for years to come."

The property has been part of American Ventures' investment portfolio since 1994. Investcorp and American Ventures have jointly owned the building since 2004.

Blumberg says the partnership did the deal at this time "as part of a rebalancing of its investment portfolios, which have comprised some $500 million in commercial real estate and other assets." He says the partnership "continues to evaluate opportunities to grow our investment returns through acquisitions, as well as divestments." Blumberg recently formed an investor group that bid on the News Corp. headquarters building at 1211 Ave. of the Americas in New York City.