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
By Keith Larsen | August 09, 2019 08:45AM

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.