TA Realty pays $60M for Regions Bank building in Coral Gables

The 15-story office building sold for $410 psf

TRD MIAMI /
Jun.June 18, 2019 03:30 PM
2800 Ponce de Leon Boulevard; from top: Donna Abood, Joe Abood and Peyton Dowd (Credit: Google Maps)

2800 Ponce de Leon Boulevard; from top: Donna Abood, Joe Abood and Peyton Dowd (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
535 Casuarina Concourse, Slaven Zivkovic (top) and Howard Wolofsky (bottom)

Educational software firm founder buys Gables Estates home for $6M

Educational software firm founder buys Gables Estates home for $6M
119 Washington Avenue Miami Beach

South Beach office building inks lease for record $92 psf

South Beach office building inks lease for record $92 psf
Banyan Street Capital CEO Rudy Prio Touzet and the two towers (Credit: Google Maps)

Banyan Capital buys Doral office towers for $43M

Banyan Capital buys Doral office towers for $43M
185 Los Pinos Ct, Coral Gables and Jane Fraser (Realtor, Citibank)

Bad investment? Citibank president sells waterfront Coral Gables home for $5M

Bad investment? Citibank president sells waterfront Coral Gables home for $5M
Rishi Kapoor with Forum Coral Gables

Co-working virtually: Coral Gables space rolls out memberships

Co-working virtually: Coral Gables space rolls out memberships
Scott Schoenlank, Andor Kovacs and 6041-6047 Kimberly Boulevard, North Lauderdale (Linkedin, Google Maps)

Restoration 1 franchise founder buys North Lauderdale office and retail center for $6M

Restoration 1 franchise founder buys North Lauderdale office and retail center for $6M
Scott Brenner, Joe Tuttle, and 225 North Federal Highway (Credit: Google Maps)

Addiction treatment firm Banyan buys Pompano Beach office tower for $6M

Addiction treatment firm Banyan buys Pompano Beach office tower for $6M
Jeffrey A. Schwartz and 5201 Oak Lane in Coral Gables (Excel Sports Management; Realtor)

Slam dunk: Sports agent buys Coral Gables home for $5M

Slam dunk: Sports agent buys Coral Gables home for $5M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...