SunTrust International Center in Miami changes hands for $127m

PCCP purchased the SunTrust International Center in downtown Miami from Crocker Partners for $127m. The 31-story building offers 440,000 sq ft of office and 33,500 sq ft of retail, which is fully leased, of which Walgreens occupies 13,000 sq ft. The seller paid $82.4m for the property in 2011. The deal was completed with a $101.8m loan provided by Invesco. Tenants include Adstream America, Cogent Communications, Q-nomy, the Italian Trade Commission and SunTrust. CBRE helped arrange the financing.