Ugo Colombo’s CMC Group sells Coconut Grove office building for $11M
40K sf Grove Professional Building is about 53% vacant
Ugo Colombo’s CMC Group sold a Coconut Grove office building for $11 million.
Cofe Properties, through an affiliate, bought the five-story building at 2950 Southwest 27th Avenue from an entity tied to Miami-based CMC Group, records show.
The 39,761-square-foot Grove Professional Building is almost 53 percent vacant, with 21,030 square feet of unleased space, according to JLL Vice President Edward Quinon, one of the building’s leasing agents.
The building was constructed in 1985 on 0.8 acres, property records show. It is unclear when CMC bought the property, as it is not recorded on the Miami-Dade County Property Appraiser’s site.
The brick building with large windows is less than half a mile from South Dixie Highway and less than a mile from Dinner Key Marina.
CMC Group, which Colombo founded in 1986, is a luxury residential and commercial real estate development firm, with projects including Brickell Flatiron and the Epic Residences & Hotel, according to its website.
Cofe Properties, based in Miami, was founded in 2002 by Eugenio Cosculluela and Mario Fernandez. It’s a real estate investor, buyer and manager, according to its website.
The Miami-Dade County office market is showing mixed signs of rebounding. In the fourth quarter of 2021, landlords raised rents despite double-digit vacancies, according to a Cushman & Wakefield report. The average asking rent was $45 a square foot, up from $41.48 in the fourth quarter of 2020. The vacancy was 16 percent, the same as in the fourth quarter of 2020 and slightly down from the third quarter in 2021, when the rate hit 17 percent.