OFFICES IN THE GROVEReal Estate Investment
Coconut Grove, Florida
In an off market transaction, Steelbridge acquired this 9-story, 75,000 sq. ft. waterfront office building on a 1.16-acre site from a family office in 2006 in partnership with an institutional partner. Prior to Steelbridge’s acquisition, approximately $5.3 million had been expended on tenant improvement and aesthetic upgrades: a completely renovated lobby, new building systems, ADA compliant restrooms, and refurbished tenant and common areas. After renewing and extending several leases with an established, long time tenancy, Steelbridge invested an additional $2 million in capital upgrades before profitably disposing of the asset in 2013 for an overall return in excess of 20%. Steelbridge was retained after the sale to provide property management services and because of our long-term history with the property and tenants, have maintained 100% occupancy since 2003 with no loss of revenue as a result of vacancy, credit loss or default.