The Real Deal Miami

Peruvian consulate buys Coral Gables office building

Diamonds International affiliate sold the building for $283 per square foot

March 29, 2016 02:15PM
By Katherine Kallergis

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1410 Ponce de Leon and Peruvian flag

1410 Ponce de Leon and Peruvian flag

The Consulate General of Peru purchased a Coral Gables office building for $4.5 million with plans to relocate from its Brickell space.

That’s 15,133,901 Peruvian sols. 

Ben Silver, Richard Niewiadomski, Doug Mandel

Ben Silver, Richard Niewiadomski, Doug Mandel

Diamonds International sold the four-story 15,875-square-foot office building on March 16. Marcus & Millichap’s Douglas K. Mandel, Benjamin H. Silver and Richard Niewiadomski represented the seller, 1401 Ponce de Leon Real Estate Holdings, according to a press release. Aurelio del Corral of Great Properties International Realty represented the consulate.

It sold for $283 per square foot. Property records show the Coral Gables building last traded for $277 per square foot, or $4.4 million, in 2005.

The property was developed in 1973 on an 11,400-square-foot lot. New York-based Diamonds International previously occupied the building, which was then left vacant. “Additionally, the property had deferred maintenance, which created challenges navigating potential buyers who were not typical real estate players,” Mandel said in the release. He said the building’s location and 30 parking spaces made the property an attractive purchase.

“Because the buyer was a foreign consulate, there were added challenges in both foreign and domestic governmental approvals for this purchase,” Silver said.

The consulate currently operates at 444 Brickell Avenue, which is near the Turkish and French consulates. It will move to the Coral Gables building as soon as possible, according to a spokesperson.

Financing was not recorded as part of the deal.