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TA Realty sells Coral Gables office building to Mexican buyers for $25M
The building at 2990 Ponce de Leon Boulevard sold for $720K below previous purchase price in 2014
In a $24.7 million deal, TA Realty cashed out of a class A office building in Coral Gables.
An entity managed by Mexican real estate investors Benjamin Cojab and Eduardo Gildenson bought the six-story building at 2990 Ponce de Leon Boulevard, according to records. Cojab is CEO of Mexico City-based real estate investment firm BEA Equities. Gildenson, who is also Mexican, is president of Dallas-based Gildenson Real Estate.
Their entity paid $383 a square foot for the 64,407-square-foot building completed in 2012. The buyer took out a $12.4 million loan from Apollo Bank to finance the purchase, records show.
Another BEA Equities entity bought Related Group’s former downtown Miami headquarters for $24.1 million last year.
Despite a bullish office market in Coral Gables, an affiliate of Boston-based TA Realty sold the 2990 Ponce de Leon property for $720,000 below its $25.5 million purchase price in 2014, records show. The site is across the street from the massive mixed-use project, The Plaza Coral Gables, being developed by Agave Holdings.
The 2990 Ponce de Leon Boulevard building has 57,790 square feet for offices, 6,617 square feet of ground-floor retail and a 6,000-square-foot rooftop lounge, according to an online listing. A FirstBank Florida branch occupies part of the ground floor, and office tenants include Zubi Advertising, boutique developer AJP Ventures and private investment firm Mas Group, led by Miami businessman Juan Carlos Mas.
Mas Group and TAZ Partners LLC, a real estate investment fund created by the Zubizarreta family, co-developed the 2990 Ponce de Leon office building, records show.
Investors are hot for Coral Gables office properties. Earlier this month, A Delaware entity tied to Miami-based Westside Capital Group paid $14 million for an office building at 2000 Ponce de Leon Boulevard. And last month, Constellation Group, also based in Miami, bought two single-story office buildings 4225 Ponce De Leon Boulevard and 4311 Ponce De Leon Boulevard for $10 million. Constellation plans to redevelop the contiguous properties into a six-story office building with two levels of parking.