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PCCP buys SunTrust International Center in Miami for $127M

Los Angeles-based PCCP acquired the 31-story SunTrust International Center at 1 Southeast Third Ave. in downtown Miami from Crocker Partners for $127 million, The Real Deal reported.

The buyer, a real estate finance and investment management company with $6.5 billion of assets under management, financed the transaction using a $101.8 million loan from Invesco, according to the May 14 report.

The 440,000-square-foot office building has nearly 170,000 square feet of vacant space, and it includes a fully leased 33,500-square-foot retail portion with a 13,000-square-foot Walgreens.

Crocker Partners purchased the asset for $82.4 million in 2011 and spent another $13.5 million for the property's refurbishment in 2015. It is now home to tenants including Adstream America, Cogent Communications, Q-nomy, the Italian Trade Commission and SunTrust.