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

The real estate investment firm is moving from Brickell

Miami /
Feb.February 19, 2020 02:30 PM
From left: Phil Gutman, Camilo Lopez and Herve Barbera, with Ofizzina

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

Real estate investment firm Bar Invest Group is choosing to buy instead of rent.

The Brickell-based company, led by Jacques and Herve Barbera, paid $3 million for three office condos at Ofizzina, a luxury office building in Coral Gables. Bar Invest plans to move its headquarters to the over 4,000-square-foot space at Ofizzina, at 1200 Ponce de Leon Boulevard, according to Phil Gutman, president of Brown Harris Stevens Miami.

TSG Group and BF Group developed the 54-unit, nearly 100,000-square-foot building, securing its temporary certificate of occupancy in August 2018, and completing the building in March. Brown Harris Stevens was hired last summer to take over sales of the then-remaining 12 units.

Seven units are now left, with prices ranging from $1.3 million to $3.5 million. The building features a fitness center, rooftop terraces and electric car charging stations. About 3,300 square feet of ground-floor retail is available for lease, and Gutman said the developers are in talks with restaurants and coffee shops to take the space.

Bar Invest purchased units on the 11th floor of the 16-story building. The company manages a portfolio of properties across the U.S., and has invested in more than 1,500 residential units and 600,000 square feet of retail, according to a release.

Other buyers at Ofizzina include technology companies, real estate family offices and financial firms. Some developers in the Aventura market have also built office condos this cycle, though Ofizzina is one of the only new developments in Coral Gables.

“We’ve noticed a huge surge of people not only relocating to the Gables but also deciding it’s no longer worth it to rent office space, and they’d rather own it,” Gutman said.

In May, Bar Invest paid $59 million for an apartment complex in Lauderhill.


Related Articles

arrow_forward_ios
Cabot Properties' Franz Colloredo-Mansfeld with Miramar Centre Business Park (Cabot, iStock) Lease, Logistics
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
Lease roundup: Ryder Logistics leases 150K sf at Miramar Centre Business Park
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
arrow_forward_ios

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

Loading...