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
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

Scott Antoniak, Chief Executive Officer of Slate Office REIT, 5900 North Andrews Avenue (Credit: Google Maps)

Toronto REIT to buy Cypress Creek office building for $46M

Cushman & Wakefield’s Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar, with 12 Southeast 7th Street (Credit: Google Maps)

Fort Lauderdale office tower sells for $18M

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

Miami Beach (Credit: iStock)

South Florida office rents rise in Q4

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

Greystar sells The Mile apartments for $40M

arrow_forward_ios
Loading...