Peruvian consulate buys Coral Gables office building

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

TRD MIAMI /
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

arrow_forward_ios
700 Casuarina Concourse, Dennis Carvajal and Ray Rodriguez (Credit: Sotheby's International Realty and Marc Bryan-Brown/WireImage/Getty Images)

Former Univision exec sells Gables Estates home for $30M

Chad Carroll, Matthew Dugow and Liz Hogan with 8750 Ponce de Leon Road (Credit: Douglas Elliman)

JP Morgan managing director buys mansion near Coral Gables

Henry Torres and Merrick Manor

Merrick Manor hires Berkshire EWM to take over sales

From left: Phil Gutman, Camilo Lopez and Herve Barbera, with Ofizzina

Bar Invest Group buys office condos in Coral Gables, plans new HQ

Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables

Greystar’s Bob Faith, The Mile (Credit: BuzzBuzzHome)

Greystar sells The Mile apartments for $40M

6855 Sunrise Drive (Credit: Google Maps)

Financier drops $13M for waterfront Coral Gables estate

Liz Hogan and 21 Casuarina Concourse

The biggest piece of land in Gables Estates just hit the market for $50M

arrow_forward_ios
Loading...