MIAMI—Douglas Entrance, a 467-325-square-foot landmark office campus in Coral Gables, just traded for $100.75 million. That translates to $216 per square foot.
Banyan Street Capital of Miami acquired the five-building project in joint venture with Oaktree Capital Management of Los Angeles. Pearlmark Real Estate Partners of Chicago was the seller. The office building is 82% leased.
CBRE, which represented the seller, reports strong interest in the project from a several leading investment firms. CBRE vice chairman Christian Lee says Miami's rebounding office market and the project's historic significance sparked the high level of interest.
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