Former Biogenesis office part of $20M sale

Miami /
Jun.June 06, 2014 11:15 AM

The former Coral Gables headquarters of Biogenesis of America, the anti-aging clinic linked to Major League Baseball’s most recent performance enhancing drug scandal, was part of the $20 million sale of five properties, The Real Deal has learned.

Amace Properties sold the Gables Waterway Executive Center at 1390 South Dixie Highway and four vacant residential parcels on May 29, according to Miami-Dade County records. The company paid $10.2 million for the 80,466-square-foot office building and four properties in June 2000. Amace submitted plans to the city for a mixed-use development with more than 200,000 square feet of offices and at least 20 residences, but the project was never built.

Gables Waterway Property of Miami is the buyer. The company is managed by Arturo Siso, managing director of private equity firm Aventin Corp. It assumed an Ocean Bank mortgage with an existing balance of about $7.4 million and borrowed an additional $2.1 million.

Biogenesis briefly operated out of the office building before closing in December 2012. One month later, the Miami New Times reported that numerous Major League Baseball stars, including New York Yankees slugger Alex Rodriguez and Milwaukee Brewers All-Star Ryan Braun, received performance enhancing drugs from the clinic. Biogenesis founder Anthony Bosch agreed to cooperate with the league, who eventually suspended about 15 players – including Rodriguez and Braun – for their involvement with the clinic.

Amace president Armando Guerra was involved in lengthy litigation with Coral Gables residents over a marina he operated behind the office building. The dispute dates back to several zoning code violations levied against Guerra in 2004. The city never shut down the marina despite the violations, so two individual neighbors and a neighborhood association sued the city and Guerra in 2007.

A Miami-Dade Circuit Court judge ruled against the homeowners, and the Third District Court of Appeal affirmed the trial court dismissal in December 2013. The appellate panel did acknowledge being “sympathetic to the frustration of” the neighbors in its written opinion but noted “the courts have no role in advising or directing a government when, if, and how to maintain an administrative enforcement action.”


Related Articles

arrow_forward_ios
Jarrett Posner, Pablo Escobar with 5860 North Bay Road (The Waterfront Team)

Pablo Escobar’s former Miami Beach property sells for $11M

Pablo Escobar’s former Miami Beach property sells for $11M
Pharrell Williams and David Lerner with a photo of 2545 Northwest Third Avenue and a rendering of the Billionaire Boys Club exterior (Getty, Google Maps, Lerner Family Properties)

Pharrell’s Billionaire Boys Club to open store in Wynwood

Pharrell’s Billionaire Boys Club to open store in Wynwood
David Grutman and Alejandro Sanz with a rendering of 2050 North Bay Road (Getty, CMA Design Studio)

David Grutman closes on Alejandro Sanz’s Miami Beach home, plans new mansion

David Grutman closes on Alejandro Sanz’s Miami Beach home, plans new mansion
Marc Anthony and 300 Costanera Road (Getty, Mint Studios Miami)

Marc Anthony lists waterfront Coral Gables mansion for $27M

Marc Anthony lists waterfront Coral Gables mansion for $27M
8950 Arvida Drive with Andre Hakkak and Marissa Shipman (One Sotheby's, White Oak, The Balm)

Financier and cosmetics CEO buy Gables Estates mansion for $14M

Financier and cosmetics CEO buy Gables Estates mansion for $14M
667 Ocean Boulevard, Sammy Sosa (Credit: Jason Koerner/Getty Images, and Levy PR)

Sammy Sosa’s former Golden Beach home hits the market for $20M

Sammy Sosa’s former Golden Beach home hits the market for $20M
Javier Lopez and 2525 Ponce de Leon Boulevard, Coral Gables (Credit: Google Maps)

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic
Henry Torres, Roza Radkiewicz and Merrick Manor

Henry Torres and Astor Companies allegedly owe broker $1M-plus commission: lawsuit

Henry Torres and Astor Companies allegedly owe broker $1M-plus commission: lawsuit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...