September 7, 2016
ABS Partners Real Estate and Acre Valley Real Estate Capital LLC joined forces to acquire the two-tower, 500,000-square-foot Datran Center in south Miami, FL. The partners paid $150 million for the buildings, which are 85% occupied.
Tenants include Preferred Care Partners Inc.; MDM Hotel Group Ltd.; AXA Equitable Life Insurance Co. and Ace Group.
The seller was USAA Real Estate Co., headquartered in San Antonio. The buildings at 9100 and 9130 S. Dadeland Blvd., are 18 and 20 floors, respectively. USAA acquired the asset in 2008, and invested an additional $4.5 million in renovations.
Datran Center was built in 1984, and is subject to a ground lease with Miami-Dade County through 2038. The lease will automatically renew through 2082 when the initial term ends.
For comments, questions or concerns, please contact Amy Sorter