Deutsche Asset & Wealth Management has purchased the Alhambra office complex in Coral Gables for $118.5 million on behalf of an overseas institutional investor. The 326,415 square foot property includes the 14 story Alhambra Plaza and the seven story Alhambra West. Developed in 1988, the asset traded for a little over $363 per square foot. The seller, an affiliate of USAA Real Estate Co. based in San Antonio, Texas, acquired the office towers in 2004 for $72.3 million. Major tenants include Fiduciary Trust International, Pipeline Workspaces and Beacon Health Strategies.
“The Alhambra is a well-located property in the Miami market, and is leased to a strong mix of quality national, multinational, and local tenants in a diverse mix of industries,“ said Todd Henderson, head of real estate in the Americas for Deutsche Asset’s Alternatives and Real Assets division. “The project offers an immediate income generation opportunity through the leasing of vacancy in the portfolio and long-term value via a targeted capital improvement program to reposition the asset.“
