Monday, May 29, 2006

$61M Funds Office Condo Conversion

COCONUT GROVE, FL-Key Realty Advisors plans to acquire and convert the 22-story SBS Tower at 2601 South Bayshore D. into office condominiums. The deal has been fueled by a $61.5-million financing from Wachovia Securities Real Estate Capital Markets.

The Fort Lauderdale office of Wachovia Securities Real Estate Capital Markets managing director Steven Russo and vice president David Auerbach handled the transaction. Auerbach tells that the financing will pay for a portion of the acquisition and conversion costs. “It’s one of the nicest properties in the area and should do well as an office condo project,” Auerbach says.

The SBS Tower was owned by Irradio Holdings Ltd. The class A office tower is a multi-tenanted property, and the sale included the attached parking garage and 16 townhouse units on the property. Leasing and management was handled by CB Richard Ellis. Among current building tenants are Barmello, AJamill and Partners, Inc.; Bloom, Gettis, Habib, Silver & Terrone, P.A.; Oppenheimer & Co. Inc.; Ocean Bank; SeaDream Yacht Club, Terremark Worldwide and Spanish Broadcasting Systems Inc.
Key Realty Advisors, under the ownership of Eduardo Avila handles development, conversion, sales and marketing for commercial and residential property in Florida. Current projects include 107 Office Park in Kendall, Pine Island Office Centre in Fort Lauderdale and Villagio at Deerwood, a 440-unit condominium project in Jacksonville.

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