Downtown Coral Gables office building asks $40M

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
20200 West Dixie Highway, Miami with Harry Dornbusch and Dr. Joshua Lampert (Google Maps)

Aventura office condo owners allege construction defects at Beacon Tower

Aventura office condo owners allege construction defects at Beacon Tower
Commissioner Ricky Arriola (iStock)

Miami Beach asks for offers to develop lots near Lincoln Road

Miami Beach asks for offers to develop lots near Lincoln Road
Marc Anthony and 300 Costanera Road (Getty, Mint Studios Miami)

Marc Anthony lists waterfront Coral Gables mansion for $27M

Marc Anthony lists waterfront Coral Gables mansion for $27M
Lexington Realty Trust's Wilson Eglin and 5600 Broken Sound Boulevard, Boca Raton (Google Maps)

HSBC to take over Boca Raton office building following foreclosure auction

HSBC to take over Boca Raton office building following foreclosure auction
8950 Arvida Drive with Andre Hakkak and Marissa Shipman (One Sotheby's, White Oak, The Balm)

Financier and cosmetics CEO buy Gables Estates mansion for $14M

Financier and cosmetics CEO buy Gables Estates mansion for $14M
Javier Lopez and 2525 Ponce de Leon Boulevard, Coral Gables (Credit: Google Maps)

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic
Henry Torres, Roza Radkiewicz and Merrick Manor

Henry Torres and Astor Companies allegedly owe broker $1M-plus commission: lawsuit

Henry Torres and Astor Companies allegedly owe broker $1M-plus commission: lawsuit
Ron Shuffield and Alirio Torrealba with a rendering of Biltmore Row (EWM, Twitter/MG)

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables

EWM takes over sales of MG Developer’s Biltmore Square townhomes in Coral Gables
arrow_forward_ios

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

Loading...