Ascentris, in partnership with Highline Real Estate Capital and Square2 Capital, completed a multi-phase repositioning of Westside Plaza, a three-building office campus in Doral totaling 382,637 square feet, resulting in the sale of Westside Plaza I and III, a stabilized office portfolio, and the redevelopment of Westside Plaza II into a 380-unit multifamily rental community in partnership with ZOM Living.
Originally acquired in 2021, the campus was repositioned through a multi-year strategy to concentrate tenancy, enhance the office assets and unlock a portion of the site for residential development, enabling two distinct paths for value creation.
The joint venture acquired the existing office building for $26.5 million as part of their redevelopment plan. The group secured a $92.3 million construction loan from PNC Bank to fund their redevelopment efforts for Westside Plaza II.
The sale of Westside Plaza I and III was brokered by CBRE’s Chris Lee, Sean Kelly, Tom Rappa and Matthew Lee.
The post Ascentris-Led Team Completes Doral Revelopment Project appeared first on Connect CRE.
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