Ethiopian Review

Miami-based America’s Capital Partners has sold its partnership interests in a 7.6 million-square-foot office portfolio, valued at $1.1 billion, to an Orlando buyer real estate investment firm.

The deal doubles the size of buyer Eola Capital’s portfolio and adds an additional $400 million of invested capital under management, the company said in a statement announcing the deal.

Details of the financial structure of the transaction were not immediately available.

As part of the deal, America’s Capital co-founder and former President Rudy Touzet will acquire an interest in Eola Capital and join the firm as chief executive officer. Touzet left America’s Capital in 2007 and co-founded Miami-based Banyan Street Partners, which manages a 13 million-square-foot office portfolio.

But, Touzet still owned a small stake in the America’s Capital portfolio, Eola spokeswoman Amanda Forbes said.

Eola has opened a new regional office in Coral Gables, where Touzet will be based.

Touzet was not immediately available for comment.

The deal includes commercial properties in Philadelphia and Washington, D.C., and one small shopping center in Doral.

“In what are clearly challenging times for our industry, this transaction stands out as an example of just one of the opportunities that exists to create value for our partners, tenants and employees,” said Jim Heistand, founder and chairman of Eola Capital, in a statement.

- by Darcie Lunsford and Oscar Pedro Musibay | South Florida Business Journal