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Aventura, Florida

In 2012, Steelbridge purchased this 10-story office tower in an off-market acquisition for $20.2 million. Investing over $2.5 million in building capital, we upgraded the tenant experience with a new lobby, refurbished common areas and various site improvements. We established an on-site management presence – the first in the property’s history – resulting in improved service, more efficient operations, and reduced operating expenses. Additionally, we instituted third party leasing, repositioned tenants from short-term, low-credit leases to long-term, high-credit leases, and increased average net rents by $8-$10 PSF. We also bought additional land to improve parking and facilitate a bank drive through. After three years, Steelbridge sold the asset to COFE Properties for nearly $40 million, nearly double its original purchase price, for returns in excess of 30%.

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