Crocker Purchases 31-Story SunTrust International Center in Miami

August 9, 2011
By Nicholas Ziegler, News Editor

Courtesy Wikipedia user Daniel Christensen

In another data point in the brightening Miami commercial real estate scene, Crocker Partners purchased the 31-story SunTrust International Center in the city’s Central Business District from Stiles Corp. and another unnamed partner. Jones Lang LaSalle led the transaction. Terms on the sale and financing were not disclosed.

Mid-year saw “brisk trading among office product,” according to a JLL report. Pricing looks to remain competitive in the upcoming months, with an abundance of upgraded supply choices becoming available.

The property, renovated in both 1990 and 2002, is an example of one of those upgraded sites. The terms of the sale also include the adjacent parking garage.

“This sale is an excellent example of the renewed interest investors are expressing in the downtown Miami market,” said Jubeen Vaghefi, managing director at JLL.  “Crocker will be able to add significant value to the property, stabilizing it and increasing its current 82 percent lease rate.”