Revera Living buys Coral Gables office building for $8M

Revera Living bought an office building on Ponce De Leon Road in Coral Gables for $8.1 million.

Revera bought the three-story, 25,011-square-foot building at 1000 Ponce De Leon Road in Miami for $323 per square foot, records show. Nor Peru Capital 2, LLC, which is managed by Francisco Picasso of Coral Gables, sold the property.

The office building was renovated in 2011 and was last purchased in 2012 for $5.2 million, records show. The building was built in 1965 and could be redeveloped into an 11-story office building under current zoning.

Revera, based in Ontario, Canada, owns or operates more than 500 properties across Canada, the United States and the United Kingdom. Its properties include seniors’ apartments, independent living, assisted living, memory care and long-term care facilities, according to its website.

In February, the company scored a $25.2 million construction loan for a senior living facility in Palm Beach County that it is developing with the real estate investment trust Welltower. The community will total about 71,000 square feet with about 82 units.

As baby boomers are getting older, senior living is becoming a popular asset class in South Florida for investors and developers.

In February, Baptist Health South Florida paid $37 million to buy the site of a formerly planned condo project called the Collection Residences in Coral Gables. Baptist Health and Belmont Village Senior Living are building a luxury senior living facility on the 2.8-acre property at 250 Bird Road.