HEREDIA, COSTA RICA–El Cafetal Corporate Center, a class A office park here has traded to Mercado Valores, a Costa Rica-based real estate investment fund. At $127 million, the deal represents the largest acquisition in dollar terms to date by a Costa Rican real estate fund.
Developed by Garnier & Garnier, the four-building LEED certified property includes four office buildings and a retail center. Its tenant roster includes Citi, 3M, Cargill and Deloitte.
Tim Gifford, managing director of CBRE Capital Advisors, Latin America, advised on the transaction on behalf of the seller. “This was a great transaction for both the buyer and seller as El Cafetal is one the few premier corporate office parks especially designed for large multinational corporations,” he says.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
