Banyan Grabs Miami Office Asset in $33M Deal
The new owner plans to invest in capital improvements and modernize the property through a series of upgrades to the building lobby, elevator and common areas.
By Timea Papp
9350 Financial Center
CBRE Capital Markets has brokered the sale of 9350 Financial Center, a Class A office building totaling 105,713 square feet in Kendall, Fla. Delma Properties sold the asset to Banyan Street Capital in a $33 million deal and BankUnited originated the seven-year acquisition financing that facilitated the transaction.
Located at 9350 S. Dixie Highway within the Dadeland neighborhood, the property was completed in 1989 and underwent renovations in 1993 and 1997. The office building features a six-story integrated parking garage and provides a mix of amenities including a storage facility, on-site banking, individual tenant HVAC controls and access to mass transit.
Upgrades ahead
CBRE Vice Chairman Christian Lee oversaw the transaction alongside Senior Vice President José Lobón, while Vice President Amy Julian secured the financing on behalf of the new owner. The loan provides additional funding to Banyan Street Capital for the planned capital improvements that will include a lobby renovation, elevator modernization and common area upgrades.
“The buyer’s planned renovation of the common areas will be well received by tenants, allowing new ownership to push rates within the tight Downtown Dadeland office micro-market,” Lobón said in prepared remarks. “These enhancements combined with Banyan’s commitment to the property will undoubtedly strengthen 9350 Financial Centre’s position in the market,” added Julian.
The CBRE team representing the seller also included Financial Analysts Marcos Minaya and Andrew Chilgren. Stuart Kapp, a partner with Kapp Morrison, was legal counsel to the seller in the transaction. Banyan Street Capital selected CBRE’s team of Senior Vice Presidents Maggie Kurtz and Diana Parker and Associate Jason Krieger to spearhead leasing efforts at 9350 Financial Center.
Located directly on South Dixie Highway and just south of Kendall Drive, 9350 Financial Centre provides access to executive neighborhoods, business centers, hotels and major shopping centers. In addition, the property is adjacent to a Metrorail station located six miles south of Miami International Airport and eight miles south of downtown Miami.
Image courtesy of CBRE
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