Marcus & Millichap Senior Vice President Douglas K. Mandel, Benjamin H. Silver, Vice President Investments, and Associate Richard Niewiadomski, negotiated the sale of 1701 Ponce, a 5-story, 48,006-square foot office building located at 1701 Ponce de Leon Blvd. in Coral Gables.
The building was formerly occupied and branded as Simply Healthcare’s headquarters, which was acquired earlier this year by Anthem, Inc. for an estimated $1 billion. The a Florida-licensed health maintenance organization expanded and required more space and, as a result did not extend their lease, which expired on December 31.
Veneto Group, LLC, a 1031 investor, purchased the property for $8,150,000, or $291 per square foot, from Yeung Property Holdings, LLC.
Mandel, Silver and Niewiadomski represented the seller in the transaction.
The deal closed December 18.
“The building was sold fully vacant, which presented a unique challenge, as the space requires capital improvements and configuration to convert into a multitenant office building,” commented Mandel. “Additionally, a completely vacant asset presented challenges in terms of the buyer’s ability to finance, carry the property with negative cash flow and risk associated with having to find new tenants.”
“On the positive side, this was a prominent and extremely well located free standing office building on Ponce De Leon Blvd in the CBD of Coral Gables, just north of Miracle Mile and Alhambra Circle,” added Silver. “The property itself was extremely well maintained, having undergone a series of major renovations in recent years. The building also included a private parking garage, which is rare in Coral Gables and had a trolley stop in front of the building which allowed for convenient access, as well as added visibility and traffic.”
Julio Chagui with MCA Realty Group, LLC represented buyer in the sale.
About Mandel+Partners: Mandel+Partners, based in Marcus & Millichap’s Fort Lauderdale office, provides the full spectrum of services for investors interested in office, industrial, shopping center, and single-tenant net-leased properties, including acquisition, disposition and operating advisory services. The team’s private and institutional clients benefit from extensive, time-sensitive market knowledge, market-leading underwriting, unrivaled transactional expertise and meticulous, hands-on involvement in all aspects of each and every transaction. Mandel+Partners leverages the power of its sales force, the Marcus & Millichap nationwide network and the entire brokerage community to ensure maximum exposure for each of its listings. For more information, please call 954.245.3465 or visit http://www.mandelpartnerscre.com.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.