(Miami, FL – August 3, 2018) Midtown Capital Partners LLC, a Miami-based real estate investment and asset management firm with over $400 million under management, announces the company has acquired, through its affiliate Gables Pointe LLC, an office building in Coral Gables, Florida, located at 770 S. Dixie Highway for a purchase price of $14.75 million.

The property is prominently located on the east side of South Dixie Highway (US-1) between Riviera Drive and the University of Miami. The two-story building consists of 35,180 square feet of office space and an above-market parking ratio of 4.0 per 1,000 rentable square foot, in a major commercial, amenity-rich corridor.

This office building features a significant exposure on US-1 and benefits from being one of the few corporate office buildings in this submarket. One Spa World owned the building, renovated the interior and entered into a long-term sale and lease-back transaction with buyer. One Spa World, is the largest global operator of Spa, Salon, Wellness and Fitness facilities onboard cruise ships and an industry leader in land-based resort spa management. It employs more than 3,000 employees worldwide and operates offices in Miami, London, Sydney, Nassau, Shanghai, Manila and Kuala Lumpur. This building will remain its global headquarters.

This transaction marks the third office building acquisition in the past twelve months, after successfully acquiring buildings in Plantation and Pembroke Pines for $56 million in August and $42 million in December, respectively. Midtown Capital Partners has deployed over $150 million in south Florida over the past 12 months, acquiring both office and retail, institutional-quality assets.

Douglas Mandel and Benjamin Silverman of the National Office and Industrial Properties Group at Marcus & Millichap represented One Spa World in the sale and lease-back
transaction; Midtown Capital Partners was advised in house. A $8.1 million mortgage was obtained from Citibank.

About One Spa World

One Spa World, the largest global operator of Spa, Salon, Wellness and Fitness facilities onboard cruise ships and an industry leader in land-based resort spa management. The company employs more than 3,000 people worldwide and operates offices in Miami, London, Sydney, Nassau, Shanghai, Manila and Kuala Lumpur. This building will remain its global headquarters.

About Midtown Capital Partners

The company is a real estate investment and asset management firm based in Miami, Florida, founded in 2010 by two principals combining almost four decades of real estate and investment portfolio experience in South Florida. Midtown Capital Partners manages more than $400 million dollars in income-generating properties.