MIAMI-As the ink is still drying on its ticket into the Tampa market, Stiles Capital Partners has turned to a familiar team to help sell a Florida asset. This time Stiles has retained Jones Lang LaSalle to market SunTrust International Center here. JLL did not release the asking price, but industry watchers peg the SunTrust International Center ask at $158 million.
The Fort Lauderdale-based company is looking to sell the SunTrust International Center. The 420,080-sf class A office property is at 1 SE Third Ave. in the city's CBD. The for-sale sign comes one week after Stiles was involved in a large deal on the other side of the state–this time as a buyer, not a seller. In that deal Stiles paid more than $100 million for the SunTrust Financial Center at 401 E. Jackson St. in Tampa, as GlobeSt.com previously reported. Jones Lang LaSalle also represented Stiles in this deal.
The SunTrust International Center is a 31-story asset with views of the city and Biscayne Bay. Its amenities include a car wash, full-service dry cleaning, 24-hour security, a parking garage, a deli and a pharmacy. The property was fully renovated in 2002, and the tenant roster includes Bank of America, Miami Business Review and SunTrust Bank. According to GlobeSt.com's records, Stiles bought the property from Walton Street Advisors in December 2003. At that time SunTrust International Center carried an $80-million ask.
Jones Lang LaSalle managing directors Jeff Morris and Jubeen Vaghefi, who repped Stiles in the Tampa deal, are leading the marketing efforts. “This is an exceptional asset with a quality tenant roster and a variety of outstanding amenities,” Morris says. “This offering represents a tremendous opportunity to acquire a significant class A structure in one of the nation's premier markets.”Vaghefi adds the team expects interest from local, national and international investment firms.
The SunTrust International Center sale is not the only large office asset JLL has been tasked to sell. Florida Office Property Co. has tapped the firm to market its Gateway Center, a 228,000-sf class A office property at 1000 Legion Place in Orlando.
Amenities at the 17-story building in Downtown Orlando include a café, fitness center and an attached six-story structured parking garage. The tenant roster includes R.W. Beck Inc., Carter and Burgess Inc., Shuffield Lowmann, and the General Services Administration. No price has been attached to this sale, but industry watchers put the ask around $60 million.
JLL's Thomas Beneville, managing director, and Jay Miele, vice president, are leading the marketing team for this site. “This core-plus offering provides investors an opportunity to purchase an outstanding asset with strong up-side potential,” Beneville says. “In addition, with rental rates below market average and a current vacancy rate of 20%, the new owner has an excellent opportunity to increase the bottom-line through aggressive leasing.
“There is also development potential on the building's surface lot, which can accommodate a 240,000-sf building,” he adds.
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