TA Realty pays $60M for Regions Bank building in Coral Gables
The 15-story office building sold for $410 psf
UPDATED, June 19, 1:56 p.m.: TA Realty bought the Regions Bank building in Coral Gables, amid growing interest in the city’s office Class A office market. The company paid $60 million for the property, sources said.
The Boston-based firm acquired the 15-story, 146,202-square-foot Class A office building at 2800 Ponce de Leon Blvd from Regions Bank. The price equates to $410 per square foot.
TA Realty plans to change the name of the building and make significant capital improvements, according to a release from Avison Young. Regions Bank paid $3.7 million for the site in 1990 and constructed the building in 1997. It is across Ponce Circle from the Plaza Coral Gables, a mixed-use project that is under construction.
Avison Young’s Donna Abood, Joe Abood, and Peyton Dowd will head leasing at the building. Avison Young’s Michael Vullis and Eric Swanson will oversee property management.
The sale is the largest commercial sale in Coral Gables so far this year. The next largest was Baptist Health South Florida’s $37 million purchase of 250 Bird Road in January. The property was previously the site of the planned Collection Residences luxury condo project by Masoud Shojaee and Ugo Colombo, and will now be the site of a luxury senior living development.
CBRE Capital Markets team of Christian Lee and José Lobón represented Regions Bank in the sale.
TA Realty has acquired, invested in and/or managed over $30 billion of real estate since its inception in 1982, according to the company’s website.
TA Realty is an active player in South Florida’s industrial and commercial markets. In December, the company paid $80 million for the first phase of Pines City Center, a mixed-use project that Terra is developing in Pembroke Pines. In October, TA Realty paid $36 million for an industrial portfolio in Hollywood.