Former Coca-Cola bottler exec buys $14M Gables Estates lot

A former Coca-Cola distributor paid nearly $14 million for an empty piece of land in the ritzy Gables Estates enclave, The Real Deal has learned.

South Properties II LLC, led by Juan Carlos Correa Ballesteros, paid $13.95 million, or $168 per square foot, for the 1.9-acre waterfront property at 625 Leucadendra Drive in Coral Gables, according to a source.

Records show the seller is IFG Florida Inc., led by Francisco Gonzalez Perez.

The buyer is on the board of directors of the Mexican company Arca Continental, the second largest Coca-Cola bottler in Latin America and one of the largest in the world. Correa Ballesteros also worked for 14 years at the Ecuador Bottling Company, including as CEO and vice president, according to Arca Continental’s website. He’s currently the CEO of Corma Holding Family Office.

The Gables Estates lot hit the market in August for $15.9 million, according to Realtor.com. The listing includes plans and permits by architect Cesar Molina, as well as membership into the new Leucadendra tennis club. The seller recently completed a new seawall structural cap and dock that fits up to two megayachts.

Maurice Boschetti and Silvia Boschetti of Boschetti Realty Group listed the property. Boschetti declined to identify the buyer. Ralph Arias of One Sotheby’s International Realty represented Correa Ballesteros, according to the Multiple Listing Service.

Last month, manufacturing distributor CEO Aurelio Leyva sold his Gables Estates mansion at 601 Leucadendra Drive for $11.5 million.

In July, the Cisneros family of Venezuela sold their property at 555 Leucadendra Drive for $23 million to a buyer that reportedly plans to demolish the existing mansion and build a new home.