 |
| Sasha Dominguez |
 |
| Jerry Plush |
The subject property, a 177,000 square foot
Class A office building and attached indoor parking facility with 400 spaces,
is located at 220 Alhambra Place in Coral Gables, FL. At the time of the sale, it was over 90%
occupied by multiple tenants, with Amerant Bank as the master tenant.
Amerant is
leasing back the property for a period of 18 years from the time of
closing. The buyer was an institutional
buyer.Jonathan Wolfe
“The current market conditions,
combined with the terms of the leaseback agreement, make this a very positive
move for the Company both in the near and long term,” said Jerry Plush,
vice chairman & CEO of Amerant.
 |
| Jordan Shtulman |
“We previously stated that one
of our goals was to reduce the level of fixed assets on our balance sheet, and
this transaction is a significant step towards achieving that."
Plush added, “We fully intend
to maintain our corporate headquarters in the city of Coral Gables and continue
to support the surrounding community for many years to come."
Jonathan Wolfe, Jordan Shtulman and Sasha Dominguez of STREAM Capital Partners represented Amerant in the transaction.
Dominguez noted that "the South Florida real estate market is attracting capital from across the globe. We expect to see many more companies in South Florida looking to sell and lease back their corporate-owned real estate as the valuations are extremely attractive today."
CONTACTS:
|
Danielle Florina, Vice President STREAM Capital Partners, LLC 630.284.9198 |
Brooke Burgoni, Vice President STREAM Capital Partners, LLC 630.770.2367 |
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