Miami Investor Buys SunTrust Center For $86.5 Million

Written by on 07.05.16 in Investment Trends, Office, Retail - No comments

Steelbridge Capital has acquired SunTrust Center, a 270,000-square-foot office complex in downtown Fort Lauderdale, for $86.5 million, property records show.

Steelbridge bought the two-building property at 501 and 515 E. Las Olas Blvd. from SunTrust Banks Inc., the lead tenant that also agreed to long-term retail and office leases in both buildings as part of the deal.

The property includes a 17-story office tower and three-story annex.

The property includes a 17-story office tower and 3-story annex.

The property includes a 17-story office tower and three-story annex. The new owner said it plans a major renovation, which will include upgrading technology and adding retail space to the annex.

SunTrust Center is 77 percent occupied, according to Steelbridge, which is based in Miami with another office in Chicago.

This is the second Fort Lauderdale investment for Steelbridge, which also owns Cypress Financial Center. It bought the 200,000-square-foot office building at 500 N. Andrews Ave. for $32.55 million in 2014, records show.

 

Source: SunSentinel

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