![\"Placeholder\"\/](\"https:\/\/www.newsbeep.com\/us-fl\/wp-content\/uploads\/2025\/10\/placeholder.png\")
<\/p>\nA Texas-based private equity giant has deepened its foothold in the South Florida office market with a nine-figure acquisition in Miami.<\/p>\n
<\/p>\n
\n The Alhambra office complex in Coral Gables\n <\/p>\n
Lone Star Funds<\/a>, in a joint venture with Miami-based firms Square2 Capital and Highline Real Estate Capital<\/a>, acquired The Alhambra, a two-building office complex in Coral Gables, for $119.6M, according to a release.<\/p>\n German asset management firm DWS Group<\/a> sold the 326K SF complex at\u00a02 Alhambra Plaza and 95 Merrick Way a decade after acquiring it for $118.5M.\u00a0<\/p>\n The buyers took on the property’s existing $58.3M mortgage with Capital One<\/a> and tacked on $40.2M in debt for the purchase from Rialto Capital Management<\/a>, according to property records provided by Vizzda.<\/p>\n \u201cWe are focused on investments where pricing reflects current market conditions while the underlying real estate maintains long-term relevance,\u201d Square2 Capital\u00a0principal\u00a0Jay Caplin said in a statement. \u201cThis acquisition aligns squarely with that strategy and meaningfully strengthens our presence in South Florida\u2019s core office markets.\u201d<\/p>\n Square2 Management will manage\u00a0the 14-story Alhambra Plaza and seven-story Alhambra West, which combined are 87% leased. New ownership plans a \u201csubstantial, multimillion-dollar\u00a0capital improvement program across both buildings,\u201d a spokesperson said. Upgrades are in store for the buildings’ exteriors, amenities, lobbies and common areas.<\/p>\n The Lone Star-Square2-Highline triumvirate made one of the biggest purchases of 2025 when it paid $225M to acquire\u00a0Las Olas City Centre in Fort Lauderdale, also from an affiliate of DWS.<\/p>\n Coral Gables is one of the region’s most active office markets. Across the street from The Alhambra,\u00a0Columbus Center at 1 Alhambra Plaza\u00a0sold out of receivership in March<\/a> to Tourmaline Capital Partners<\/a> for $76M.<\/p>\n Many office tenants, including consulting giant WPP<\/a>, have been relocating their offices to the Gables in recent years after being priced out of Brickell<\/a>. But it has also attracted some new-to-market tenants: Apple<\/a> picked\u00a0the Plaza Coral Gables in 2024<\/a> for\u00a0its 46K SF Miami hub.\u00a0<\/p>\n The office availability rate in Coral Gables was 14.9% at the end of 2025, below the Miami-Dade average of 15.7%, according to Savills. The neighborhood’s asking rents were $61.07 per SF, below the metro\u00a0average of $63.06 per SF and a far cry from Brickell’s asking rate of $88.86.<\/p>\n","protected":false},"excerpt":{"rendered":"A Texas-based private equity giant has deepened its foothold in the South Florida office market with a nine-figure…\n","protected":false},"author":2,"featured_media":109972,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[56235,56236,225,227,226,56234,56237,56232,56238,56233],"class_list":{"0":"post-109971","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-hialeah","8":"tag-david-moret","9":"tag-dws-group","10":"tag-hialeah","11":"tag-hialeah-headlines","12":"tag-hialeah-news","13":"tag-highline-real-estate-capital","14":"tag-jay-caplin","15":"tag-lone-star-funds","16":"tag-square2-capital","17":"tag-the-alhambra"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/109971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=109971"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/109971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/109972"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=109971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=109971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=109971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}