Peruvian consulate buys Coral Gables office building

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

Mar.March 29, 2016 02:15 PM

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. 

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.

Related Articles

A rendering of CocoWalk (Credit: iStock)

Sweetgreen expanding to Florida with first locations in Miami

5400 Hammock Drive and Timbaland (Credit: Getty Images)

Timbaland drops $8M on Coral Gables mansion

506 Sunset Drive and Justise Winslow (Credit: Getty Images)

Justise Winslow scores Coral Gables home

 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

Gables Residential sells dev site near Shops at Merrick Park

Office rents rise across SoFla

Here’s why office rents are going up in South Florida

601 Leucadendra Drive (Credit: Zillow)

Manufacturing CEO sells Gables Estates mansion for $12M

From left: BGI Capital’s Kenneth A. Baboun and Robert Barthelmess, 299 Alhambra Circle, Local Ventures' Rishi Kapoor (Credit: Google Maps, BGI)

Developer snags $12M loan for co-working project in Coral Gables

475 Biltmore Way, Somi Center with Douglas Mandel and Benjamin Silver

California investor searching for higher yield buys medical office building portfolio