The Real Deal Miami

Coral Gables office building sells for $25.5M

TA Associates of Boston acquires Ponce Circle property
January 27, 2014 09:45AM

The Building on Ponce Circle

The building on Ponce Circle

The building on Ponce Circle in Coral Gables has traded for $25.5 million, The Real Deal has learned.

Ponce Cat, a company managed by Mas Group of Companies, sold the 2990 Ponce de Leon Boulevard office building and two small vacant parcels on Jan. 22, according to Miami-Dade County records. The county recorded the transaction the following day.

Regency Coral Gables, managed by Boston-based TA Associates Realty, is the buyer. No financing was recorded with the company’s acquisition.

The six-story, 58,000-square-foot Building on Ponce was developed in 2012 by local development firm AJP Ventures, according to Blanca Commercial Real Estate, which handles leasing at the property. AJP constructed the building on behalf of a joint venture between Mas Group and TAZ Partners, a real estate investment fund created by the Zubizarreta family. Tenants include anchor Zubi Advertising, FirstBank Florida and LBI Media. — Eric Kalis