Intalex, Itero & Greenwall Acquire Coral Gables Office Portfolio For $97.8 Million

The Ponce, a landmark 365,000-square-foot office portfolio in the heart of Coral Gableswas acquired by a partnership of Intalex, Itero and Greenwall.

The portfolio traded for a real property value of $97.8 million and ACORE CAPITAL, a leading U.S. commercial real estate debt investment manager, provided a $105 million acquisition and future funding capital improvement loan.

The partnership plans to invest more than $30 million to upgrade and renovate the portfolio with completion expected in 2027.

The acquisition of The Ponce includes 2525 Ponce de Leon, 2555 Ponce de Leon, and 152 Valencia Avenue. The transaction represents one of the largest office acquisitions in South Florida this year and reflects the partnership’s conviction in the long-term strength of Coral Gables, which continues to experience significant demand from both local and out-of-state tenants seeking new premises beyond the Brickell and Downtown Miami submarkets.

The partnership plans to undertake a comprehensive property improvement program to modernize the buildings including significant upgrades to common area lobbies, courtyards, building systems, as well as providing enhanced tenant spaces and amenities. Upon completion, The Ponce will be one of the premier office assets in South Florida.

“What attracted us to The Ponce was the combination of scale, location, and scarcity. Opportunities to acquire a portfolio at the center of Coral Gables are rare. The City’s long-term commitment to investing in public spaces and infrastructure has created one of the most desirable business districts. Our goal is to ensure The Ponce reflects the same standard of excellence that defines the ‘City Beautiful’,” said Bryson Ridgway, Principal of Intalex. 

 

Jack Henry Kapp, Managing Partner of Greenwall said, “Premier assets in high-growth, supply-constrained markets continue to outperform. Coral Gables is that market and The Ponce is that kind of asset. Even prior to closing, our pre-leasing activity has put us well ahead of schedule in executing our business plan.” 

Greenwall invested through its joint venture with CDS, the family office of the late entrepreneur and philanthropist, Carl DeSantis. The joint venture combines CDS’s longstanding track record and capital resources with Greenwall’s investment and asset management expertise.

Chris Lee, Sean Kelly, Tom Rappa, and Matthew Lee of CBRE represented the seller, and Amy Julian and Andrew Chilgren of CBRE arranged the financing. Hines Management will continue to manage the portfolio, while Ryan Holtzman and Lena Weeks of Cushman & Wakefield will continue leading leasing efforts.