BF Group buys property near Merrick Park, plans mixed-use office building

Bacardi family member sold the property for $350 psf

Apr.April 26, 2017 11:15 AM

Aerial view of 4311 Ponce de Leon Boulevard. Inset: Jose Boschetti

BF Group paid $7 million for a development site in Coral Gables, where the firm plans to build a 10-story mixed-use office building.

The company, led by partners Jose Boschetti, Rene Brillembourg and Carlos Acosta, bought the 20,000-square-foot property 4311 Ponce de Leon Boulevard, Boschetti told The Real Deal. The deal breaks down to about $350 per square foot for the land, which is across the street from the Shops at Merrick Park.

Property records show 4311 Ponce de Leon LLC, which is controlled by Ruby Bacardi of the Bacardi family, sold both lots to BF Group. Together they have about 200 feet of frontage along Ponce de Leon Boulevard, and they last sold for a combined $4.9 million between 2006 and 2012.

BF Group, a co-developer of the office condo building Ofizzina, plans to spend about $40 million on the project, Boschetti said. It will have about 30,000 square feet of ground floor retail space, leased to high-end furniture, appliance and fixture retailers, and up to 50,000 square feet of office space. BF Group will start preleasing in about three months, break ground in about nine months, and deliver the building a year from then, which would be the first quarter of 2019.

Asking rents will start at about $35 per square foot, triple net for the office space, and north of $50 per square foot, triple net for the retail space, Boschetti said, citing the lack of office space in the area.

Nearby development is mostly residential, retail and hospitality. It includes Laguna House, a boutique condo project at the Shops at Merrick Park, and Merrick Manor, a 227-unit condo building planned for 301 Altara Avenue.

BF Group is also still searching for more properties in Coral Gables. Ofizzina topped off recently at nearly 80 percent presold, and the developers plan to deliver it in the fall. “We’re looking, and we’ve been looking in the Gables a lot,” Boschetti said. “Who wants to live with the traffic on Brickell?”

Related Articles

1515 Sunset Drive and Facundo Bacardi

Bacardi-owned company sues construction firm for defects and delays at Coral Gables office development

Paseo de la Riviera and Industrious CEO Jamie Hodari  

Industrious to open at Paseo de la Riviera in Coral Gables

999 Ponce and Benjamin H. Silver  

Downtown Coral Gables office building asks $40M

500 Marquesa Drive (Credit: Realtor)

Former hedge funder sells waterfront home in Coral Gables for $8M

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Manny Machado and Chad Carroll with 20 Tahiti Beach Island Road (Credit: Getty Images and Douglas Elliman)

Buyer revealed: Baseball player Manny Machado buys Tahiti Beach Island manse

Chad Carroll with 20 Tahiti Beach Island Road (Credit: Redfin)

Tahiti Beach Island manse sells for half its original ask

State report finds open gas valve fueled building explosion at Plantation shopping center