Rreef Pays $60M for 255 Alhambra Circle

CORAL GABLES, FL-New York-based Rreef has acquired the 220,000-sf, 91%-leased 255 Alhambra Circle for $60 million or $272 per sf. It is believed to be one of the highest per-sf prices for a class A office asset this year in this Miami suburb, according to area brokers.

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.