COMMERCIAL REAL ESTATE

Courvoisier Centre on Brickell Key sells for $145.8 million.

 

mbrannigan@MiamiHerald.com

An Orlando-based REIT acquired Courvoisier Centre office complex on Brickell Key in Miami for $145.8 million.

Parkway Properties Inc., which trades on the New York Stock Exchange, said the 346,000-square-foot complex, which includes two buildings, completed $10 million in renovations in 2013.

The buildings at 501 and 601 Brickell Key Drive are seven and 12 stories respectively.

In a statement, Parkway’s president and CEO, James R. Heistand, said the Courvoisier Centre is an appealing acquisition because of its amenities, parking infrastructure and views of Biscayne Bay. The property is 83.4 percent occupied and should generate a cash yield of 4.5 percent the first full year, Parkway said.

Parkway said it used cash and proceeds from borrowings under a new seven-year, unsecured term loan.

The seller, represented by the brokerage JLL, was an affiliate of Tishman Speyer.

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