The Real Deal Miami

Downtown Coral Gables office building sells for $14M

Last sold for $11M in 2004
By Katherine Kallergis | January 29, 2015 11:15AM

2199 Ponce de Leon Boulevard in Coral Gables and Pablo Cejas

A Coral Gables office building and nearby parking garage traded hands for $14 million last week.

P&C 2199 Ponce, a company headed by insurance executive Pablo Cejas, bought the two parcels at 2199 Ponce de Leon Boulevard and financed them with a $10.48 million mortgage from TotalBank, Miami-Dade records show.

The 49,856-square-foot office building and five-story garage were last sold to a company led by Shalom Reiser for $11.25 million in 2004. Both were built in 1980.

Cejas, chairman and CEO of Ascendant Commercial Insurance, is also a managing partner of Aquarius Capital Partners, a private investment firm.

Tenants of the Merrick Plaza office building include HSBC, ad firm GrupoUno International, and architectural design firm RJHA.