Peruvian Consulate Purchases Coral Gables Office Building
Marcus & Millichap Senior Vice President and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with Vice President Investments and IPA director Benjamin H. Silver and Associate Richard Niewiadomski negotiated the sale of a 15,875-square-foot office building located at 1401 Ponce de Leon Boulevard in Coral Gables, Florida.
The Peruvian Consulate, which was represented by Aurelio Del Corral of Great Properties International Realty, purchased the four-story, 1973-built office asset for $4,500,000, or $283 per square foot.
Mandel+Partners represented the seller, 1401 Ponce de Leon Real Estate Holdings, in the transaction. The deal closed March 16.
“Because the buyer was a foreign consulate, there were added challenges in both foreign and domestic governmental approvals for this purchase,” commented Silver.
“The building was previously occupied by the seller, a diamond company based out of New York, which they vacated and left alone for a number of years. Additionally, the property had deferred maintenance, which created challenges navigating potential buyers who were not typical real estate players,” added Mandel. “On the positive side, 1401 Ponce 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 Alhambra Circle. The building included 30 covered and uncovered parking spaces which is rare in Coral Gables and made 1401 Ponce an excellent opportunity for this particular buyer.”
Coral Gables is a prime submarket of Miami that Mandel+Partners of Marcus & Millichap have been very active in. Having sold over $80 million worth of real estate in the last three years, some of the team’s notable transactions include:
- the sale of 55 Miracle Mile for $26,750,000
- the sale of Santona Corner for $17,400,000
- the sale of The Kendar Building for $10,300,000
- the sale of 1575 San Ignacio for $9,000,000
- the sale of 1701 Ponce for $8,150,000
- the sale of Alcazar Tower for $6,750,000
- and the sale of 1000 Ponce for $5,150,000
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.
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