Tony Hernandez picks up office building in Fontainebleau for $13M

Antonio Hernandez paid $254 psf for Fontainebleau Park Office Plaza

Miami /
Apr.April 13, 2022 03:30 PM

175 Fontainebleau Boulevard in west Miami-Dade County (Google Maps, iStock)

Miami investor Antonio “Tony” Hernandez picked up an office building in west Miami-Dade County for $12.7 million.

An entity managed by Hernandez, principal of T-H Properties, bought Fontainebleau Park Office Plaza at 175 Fontainebleau Boulevard, according to records. The two-story building spans 49,150 square feet of office space, and the price breaks down to $254 a square foot. Hernandez obtained a $7.9 million mortgage from Sabal Capital II, records show.

Alex Zylberglait with Marcus & Millichap represented the buyer and the sellers, Leonard Hayet Trust and Joan Hayet Trust. Robert Bhat, also with Marcus & Millichap, arranged the acquisition financing.

Leonard Hayet paid $606,000 for the 3-plus-acre property in 2000, records show. The trusts sold it to Hernandez for the listing price.

“The numbers were good, and the property is in a good location and in good condition,” Hernandez said. “There’s no way you can go wrong.”

Completed in 1974, Fontainebleau Park Office Plaza was fully leased at the time of purchase, with a mix of medical and professional services tenants on year-to-year leases, Hernandez said.

The property has a cap rate of 6.8 percent and $408,239 in annual cash flow after debt service, according to a Marcus & Millichap offering. In 2019, the previous owner put in a new roof with a 10-year warranty, the offering states.

The office building features private offices and open floor spaces, with monthly average rent at about $26 a square foot, the offering states. The property also has a 250-space parking lot, including 29 spaces leased to residents of adjacent residential communities that generate $26,000 a year in parking income for the owner.

Fontainebleau Park Office Plaza is in the Miami Airport office submarket where rents rose by 3 percent in 2021, the offering states. The building is close to the Dolphin Expressway, Palmetto Expressway and Miami International Airport.

It is also next to Fontaine Parc, an eight story 133-unit apartment building completed in early 2020 by Gomez Development Group.

Hernandez owns more than a dozen commercial properties across Miami-Dade, including a 66-unit apartment complex in Hialeah that he bought for $13 million in 2020.





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