AmTrust Bank building sells in Coral Gables

The sale includes the 25,428-square-foot office building at 2701 Ponce de Leon Boulevard and three adjacent lots

Miami /
Aug.August 09, 2019 08:45 AM
AmTrust office building at 2701 Ponce de Leon in Coral Gables

AmTrust office building at 2701 Ponce de Leon in Coral Gables

UPDATED, Aug. 12, 10:15 a.m.:  Ubiica LLC and Maven Real Estate paid $12 million for the AmTrust Bank office building and three adjacent lots in Coral Gables.

The joint venture acquired the properties from New York Community Bank in an
off-market transaction, according to a release. The 25,428-square-foot AmTrust office building at 2701 Ponce de Leon Boulevard is near The Plaza mega-project that is under construction.

In addition to the AmTrust building, the joint venture acquired a 2,933-square-foot lot at 160 Almeria Avenue, a 15,000-square-foot lot at 130 Almeria Avenue, and a 12,500-square-foot lot at 103 Sevilla Avenue.

The AmTrust building was last purchased for $4 million in 2009. It was built in 1984 and was previously the Bank of Coral Gables building before it was acquired and operated as AmTrust Bank, according to the release.

Marc Schwarzberg and Jose Ortega of Maven Real Estate are also developing other projects in Coral Gables, including the former Church of Scientology building on Giralda Plaza. The project totals nearly 25,000 square feet of restaurant and retail space, including a rooftop restaurant and bar. Ubiica LLC is led by Alejandro Salazar and Rodrigo Gana.

John Lonardo of ComReal represented the buyer and the seller in the transaction.

Maven is also restoring the historic La Palma building, a 21,807-square-foot mixed-use project at 112 Alhambra Circle in Coral Gables.

Close by, Agave Holdings, a commercial real estate firm that includes the family behind the Jose Cuervo spirits brand, is building The Plaza, a 2.25 million-square-foot project with a 242-key hotel, 174 apartments, 161,000 square feet of retail space and more than 2,000 parking spaces. The development group recently closed on a $100 million construction loan.

Coral Gables is seeing a wave of new development.

Miami Beach developer Stephen Bittel recently put in a proposal to build the Mile Hotel and Shops, a 120-key development at 220 Miracle Mile. Earlier this year, the city approved 100 Miracle Mile, a mixed-use project proposed by AJP Ventures that include a 14-story building with 135 luxury rental units.


Related Articles

arrow_forward_ios
MG Developer's Alirio Torrealba and rendering of Merrick Parc (MG Developer)
MG plans $204M luxury apartment project near Coconut Grove
MG plans $204M luxury apartment project near Coconut Grove
From left: Scott Sherman and Ben Mandell (Tricera Capital, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
Tricera Capital co-founder Ben Mandell buys out partner Scott Sherman
Innovation District (DB Lewis Architect-Thresholds Intl, iStock)
Mike Zoi’s Motorsport firm proposes offices at Magic City Innovation District
Mike Zoi’s Motorsport firm proposes offices at Magic City Innovation District
From left: David Edelstein, Alex Karakhanian and Victor Ballestas in front of the property at 3601 North Miami Avenue (Lndmrk Development, Tricap, Integra Investments, LoopNet)
David Edelstein, partners buy Design District dev site, plan office tower
David Edelstein, partners buy Design District dev site, plan office tower
Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
From left: Buyers Neil Merin, Dung Lam and Jordan Paul along with 1001 Yamato Road (top) and 999 Yamato Road (bottom) (NAI/Merin Hunter Codman, Moris Moreno)
Yamato Office Center in Boca Raton trades for $46M
Yamato Office Center in Boca Raton trades for $46M
The Gateway at Wynwood office building at 2916 North Miami Avenue with R&B Realty Group CEO Aron Rosenberg (LinkedIn, R&B Realty Group)
Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
Shoma's Masoud Shojaee and Stephanie Shojaee with 3650 Bird Road (Shoma Group, Google Maps)
Shoma pays $34M for Miami apartment towers dev site
Shoma pays $34M for Miami apartment towers dev site
arrow_forward_ios

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

Loading...