Downtown Coral Gables office building asks $40M

Tenants include Shikun & Binui, JAG Insurance Group and Appelrouth Farah & Co.

TRD MIAMI /
Oct.October 15, 2019 11:30 AM
999 Ponce and Benjamin H. Silver  

999 Ponce and Benjamin H. Silver

UPDATED, Oct. 16, 10:08 a.m.: A Miami developer is looking to sell 999 Ponce, a Coral Gables office building, for $39.5 million.

Property records show a company controlled by Xavier Rosales of Key Biscayne, who owns Weda Developers, acquired the building at 999 Ponce de Leon Boulevard in 2005 for nearly $21 million.

The 11-story, 129,000-square-foot building hit the market with Benjamin H. Silver and Douglas K. Mandel of Marcus & Millichap, he said. Jorge Morales of Blue Box Real Estate is handling leasing.

Rosales’ company completed a multimillion-dollar renovation of the building in 2016. It’s about 88 percent leased to tenants that include Shikun & Binui, one of the largest construction and infrastructure companies in Israel; JAG Insurance Group; and accounting firm Appelrouth Farah & Co.

Following the renovation, rents in the building are now about $38 per square foot, up from the low $30s, Silver said. The property also has a 395-space parking garage and is in front of a trolley stop.

The building was built in 1981 on a 1.15-acre lot, records show.

Silver said the office market is going through a resurgence in Coral Gables, and that the Class A- building is competing successfully with Class A and B buildings. The occupancy rate in the Gables has remained at about 90 percent since 2014 with a net absorption rate of 1 million square feet, according to a release.

Development is booming in downtown Coral Gables. One of the largest projects under construction is 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. Agave Holdings, a commercial real estate firm that includes the family behind the Jose Cuervo spirits brand, is the developer behind that project.


Related Articles

arrow_forward_ios
From left: Phil Gutman, Camilo Lopez and Herve Barbera, with Ofizzina

Bar Invest Group buys office condos in Coral Gables, plans new HQ

Steven Hurwitz and Ryan Severino

JLL’s top economist forecasts low probability of a recession

1800 Southwest 27th Avenue

Freshwater Group buys Miami office building

Malcolm Butters, 950 Peninsula Corporate Circle in Boca Raton

Butters buys Boca Raton office building

Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables

From left: 3225 Aviation Avenue and 3250 Mary Street; Roberto Susi and Jose Sasson (Credit: Google Maps)

Madison Marquette pays $47M for Coconut Grove office buildings

2001-2005 West Cypress Creek Road, Alex D. Zylberglait

Office complex near Fort Lauderdale airport sells for $7M

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

Greystar sells The Mile apartments for $40M

arrow_forward_ios
Loading...