The Real Deal Miami

Coral Gables’ 1000 Ponce office building sells for $5.2 million

April 24, 2012 10:30AM

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1000 Ponce

The 18,500-square-foot 1000 Ponce office building in Coral Gables has sold for $5.15 million, according to Gregory Matus, vice president and regional manager of Marcus & Millichap’s Fort Lauderdale office. The deal worked out to an average price of $277 per square foot. “This sale represents one of the highest price-per-foot closings for a Coral Gables multi-tenant office building since December 2009,” said Benjamin Silver, senior associate at the firm, who represented the seller along with Douglas Mandel, vice president for investments. “Over the past few years, Ponce de Leon Boulevard has seen tremendous growth and redevelopment and there are several development projects underway.” The building was 100 percent leased at the time of the sale. — Alexander Britell