Office Building On Ponce de Leon Boulevard In Coral Gables Trades For $14 Million

An office building located on Ponce de Leon Boulevard in Coral Gables has traded for $14,050,000 in a value add, off-market deal. The 7-story, 87,134 SF office building was mostly vacant at the time of sale and is located at 2000 Ponce De Leon Blvd. The property features 7,500 SF of ground-floor retail space and 100 parking spaces. 2000 Ponce de Leon Blvd. was acquired Westside Capital who plans to renovate the building including common areas and elevators before leasing out the property and occupying the 7th floor penthouse. The seller was the Kronfle family who acquired the land in 1996 for $840,000 and developed the building in 2000. Fabio Faerman and Sebastian Faerman of FA Commercial oversaw both sides of the transaction.

Coral Gables has seen high demand and a good deal of development activity for commercial real estate recently. In February Constellation Group paid $10 million for two single-story office buildings that they plan to redevelop into a 75,000 SF office building. In December Fortress Investment Group acquired Bancorp’s headquarters building for $135 million in a sale-leaseback and Terranova acquired an office building at 93 Miracle Mile for $6.8 million. Agave Holdings is also developing The Plaza Coral Gables, a mixed-use mega-project. To start off the year

Check Out WeWork Ponce de Leon, WeWork's New Coral Gables Location Which Opened Earlier This Year

WeWork continues to expand in Miami as the co-working office space mega-brand officially opened its fifth location in the Miami area earlier this year in Coral Gables (2018). Located at 2222 Ponce De Leon Boulevard, WeWork Ponce De Leon features 552 decks, 118 offices, 11 meeting rooms, 6 lounges, 10 nooks, 2 pantries, and 4 private phone rooms. The build-out was carried out by Lunch Money, WeWork's in-house design team. The co-working office space, which can be rented for private events, features a custom terrazzo bar in the main lounge with cold brew coffee and Kombucha on tap, 3rd floor terrace, 2 fruit water stations, and a cappuccino machine. Pricing for a Hot Desk starts at $345/mo. and Private Offices start at $690/mo. Other WeWork locations in Miami include Downtown Miami, South of Fifth, Lincoln Road, and Brickell City Centre.

Featured Listing: Check-Out An Ultra-Modern Kobi Karp-Designed Mansion Asking $8.9 Million

Few architects have contributed to the landscape of the city of Miami as much as Kobi Karp. 8750 Ponce De Leon Road offers the opportunity to live in a masterpiece designed by the legend himself on the prestigious Ponce De Leon Road. The modern estate is spread over 1.44 acres featuring 10,709 SF of living area. The home itself features 7 bedrooms and 7.5 bathrooms along with a movie theater, indoor gym, indoor squash court, a 3 car garage, a chef's kitchen with black marble island and backsplash, smart home automation and a floating industrial staircase. Outside, a college size basketball court, heated pool, and lush landscaping complete with mature oaks round out the estate. 8750 Ponce De Leon Road is currently listed for $8,900,000 with Guillermo de la Paz of ONE Sotheby's International Realty.