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Investors Pay Over $50 Million for Coral Gables Office Building

South Florida Business Journal, by Brian Bandell – August 22nd, 2023


A parthership between Lndmrk Development, Terranova Corp. and Torose Equities acquired the 255 Alhambra office building.

A source close to the deal said the price was more than $50 million, but the parties didn’t announce it. The deed has yet to be filed in county records.
RREEF America REIT II Corp., a fund managed by Deutsche Bank, sold the 220,000-square-foot office building and its parking deck at 255 Alhambra Circle to the local developers.

The property was last traded for $59.9 million in 2006, so it sold for either a slight discount or basically broke even.