Ugo Colombo picks up Coconut Grove office condo building
Ugo Colombo’s CMC Group has just bought an office condo building in Coconut Grove for $9.6 million, expanding the developer’s portfolio of income-producing assets, The Real Deal has learned.
The building, at 2950 Southwest 27th Avenue, was sold to Grove Property Holdings LLC. Florida corporate records show the entity is linked to CMC Group. Its registered agent is Arthur Murphy, chief operating officer of CMC Group, and the address is CMC’s 701 Brickell headquarters.
CMC Group confirmed the purchase to TRD.
“CMC Group has a long track record of owning income generating properties, with The Collection luxury car dealership, 4000 Ponce de Leon Boulevard and 1550 Biscayne Boulevard being prime examples,” said Colombo, founder of CMC Group, in a statement. “Our acquisition of 2950 Southwest 27th Avenue in Coconut Grove is the newest addition to our commercial portfolio. The property is 100 percent occupied with a roster of users including Revuelta Architecture and Douglas Elliman. We love the building’s central location, high quality tenant mix, and access to US-1 — and we have no plans to redevelop the site at this time.”
F. Antonio “Tony” Puente of Fairchild Partners and Otto Travieso of Real Capital Partners negotiated the sale.
Puente and Travieso said they convinced all the office condo owners to unite and sell the entire building, achieving the sale when the current office occupancy in Coconut Grove is greater than 95 percent.
The building includes 40,000 square feet of rental space and 148 garage parking spaces. The former office condo owners will now lease back their space, CMC said.
“Since this was an office condo, it took a tremendous amount of time and effort to structure a deal satisfactory to all sellers,” Travieso said in a statement. “In the end, we were fortunate to be dealing with knowledgeable buyers and sellers. This transaction will prove to be a good deal for both sides, and further support the value of owning in Coconut Grove.”
The building is located on the recently upgraded Southwest 27 Avenue, close to the central business district of Coconut Grove.
“Coconut Grove has found its groove again over the last couple of years,” Puente said in a statement, “allowing investors to reposition quality properties for continued growth and success.”
Other commercial properties in Coconut Grove that have sold recently include CocoWalk, which was purchased by Federal Realty Investment Trust, Grass River Property and the Comras Company in May for $87.5 million; and office buildings Bayview Executive Plaza and Continental Plaza, which sold for a combined $42 million in April.