Allianz Life Insurance Co. of North America has provided a $49.75 million mortgage to an affiliate of Triarch Investment Group to purchase a 280,000 sq ft office park in Miami, Florida.
The loan-to-value on the acquisition is 67.5 percent based on the reported $73.75 million purchase price.
Triarch purchased the three-building Doral Costa Class A office park from an affiliate of the Boston-based TA Associates, who purchased the property in 1999, according to Miami-Dade property records.
The buildings at 9800, 9850 Northwest 41st Street and 4090 Northwest 97th Avenue consist of two 130,000 sq ft buildings and one 20,000 sq ft building. They are 96 percent leased and tenants include Allstate Corp., HSBC Bank and Samsung.
The Miami-Dade County rental rates for Class A office space had one of the highest increases among major markets statewide last year. The city’s direct asking rent for office space jumped 6.3 percent to $41.48 per sq ft in 2015 from $39.02 in 2014, according to a Cushman & Wakefield report released in February.
Allianz provides annuities and life insurance products and reached $11.6 billion in total new sales and recurring premiums in 2015. Miami-based Triarch Capital Group specializes in retail and grocery anchored shopping centers and currently controls approximately 4,500,000 sq ft of commercial properties.
The lender and borrower did not respond to requests for comment in time for publication of this article.