Joint venture acquired 255 Alhambra, a 13-story mid-rise completed in 1972.
Torose Equities teamed up with Lndmrk Development and Terranova to buy a Coral Gables office building.
The joint venture acquired 255 Alhambra, a 13-story mid-rise with 220,000 square feet of office space at 255 Alhambra Circle, according to a press release. Torose, Lndmrk and Terranova declined comment about the sale price through a spokesperson. But the joint venture paid “north of $50 million” for 255 Alhambra, according to a source familiar with the deal.
The seller, a partnership between Deutsche Bank and RREEF Real Estate Investment Trust, paid $59.9 million for the 1.3-acre property in 1983, records show. The building was completed in 1972.
The new owners plan to upgrade amenities in the building, which underwent recent improvements by Deutsche Bank and RREEF, the release states. In a statement, Torose founder and principal Scott Sherman said 255 Alhambra is “positioned to generate strong returns with stable in-place cash flow.”