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alium Capital has made a significant acquisition in South Florida's suburbs, purchasing the five-story Lake Shore Plaza II building in Sunrise for $17 million. This price is roughly half what the same property sold for nearly a decade ago. The deal was facilitated by Galium's managing partners Jacques Bessoudo and Iser Rabinovitz, who acquired the 128,500-square-foot building through an affiliate of their Miami-based company.

    The purchase price works out to $132 per square foot, with Galium securing a $5.5 million mortgage from New Wave Loans. The property was previously owned by Barings Real Estate, which paid $32 million for the site in 2013. CBRE and Blanca Commercial Real Estate represented Barings in the sale.

    Galium plans to upgrade Lake Shore Plaza II to enhance the tenant experience and boost its appeal, although the cost of these upgrades has not been disclosed. The building is currently 50% occupied, according to a Blanca Commercial spokesperson. Galium's portfolio includes over $600 million in commercial real estate assets across office, multifamily, and retail properties.

    This acquisition marks another instance of a major institutional investor taking a significant loss on a suburban South Florida office property. In April, Starwood Capital Group sold an office portfolio in Miramar at a 45% discount from its purchase price nine years ago.