Commercial Property Sales Close in Coral Gables Central Business District as South Florida City Continues to Evolve
Miami, FL -- (ReleaseWire) -- 04/12/2021 --The Coral Gables central business district is quickly taking on a new form. The Plaza, to the east of the Ponce Circle, is coming online, with one office tower recently completed and another expected to be toward the end of 2021. Together, these towers will add nearly half a million square feet of office space to the area. Big tenants have reportedly already signed up, including the digital payments firm ACI Worldwide Corp and Bradesco BAC Florida Bank's (for its new headquarters). Allen Morris is planning a mixed use property, Ponce Park Residences, to have 171 residential units with retail and restaurant space on the ground level. Also, Codina Partners reportedly just completed a three-way land swap with the city of Coral Gables and Mercedes-Benz of Coral Gables to set up a luxury residential development of its own. With all this going on, it seems worth taking a moment to note other notable commercial property sales in the Coral Gables central business district.
A penthouse office condo with 2,887 square feet at 2601 Douglas Road, unit PH1, traded for $1.4 million, $484.93 per square foot, on October 7th of 2020. The Coral Gables zoning is MX2, the land use Office Building - Multistory: Condominium - Commercial. The buyer was 2600 Douglas Center LLC, the seller Fortune Capital Partners Inc., which had purchased the unit for $425,000 in 2011.
A 2,019 square foot retail condo at 1805 Ponce de Leon Blvd 160 sold on October 28, 2020 for $800,000, $396.24 per square foot. The property is zoned (Coral Gables) MX1, with the preceding MX indicating one of the city's mixed-use designation, with a land use of Store: Condominium Commercial. The buyer was Old Bull Holdings, LLC, which purchased the property from Il Lugano Holding, LLC. The seller had acquired the property in 2014 as part of a multiple parcel purchase totaling $7,035,000 from CDG Gables LLC.
A 3,987 square foot 2-story medical office building on a 2,500 square foot lot in central Coral Gables recently sold for $1,725,000, $432,65 per square foot. Previously the offices of Coral Gables Plastic Surgeon Dr. Emilio J. Carullo, the property is one of few freestanding office buildings in the Coral Gables central business district that exists. The property, built in 1951 with updates subsequent, was ready made for a medical user, as the buyer indeed was. The buyer was 266 Palermo Professional
Building Inc, the seller the Beatriz K Carullo Trust. The zoning of the property is (Coral Gables) MX2, the land use Professional Service Building: Office Building. The broker for the transaction was James Hawkins, Principal Broker of Hawkins Commercial Realty.
On the 21st of September, 2020, a 14,572 2-story office building at 147 Alhambra Circle sold for $5,275,000, $361.89 per square foot. The buyer was 147 Alhambra PLC LLC, the seller Alhambra Circle Investments LLC. The seller had purchased the property for $1,200,000 in 2002. The zoning is Coral Gables MX3, and the land use is Professional Service Building: Office Building.
Like much of Miami-Dade county, Coral Gables is rapidly changing. Odds are, there are more and bigger things to come.
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Hawkins Commercial Realty is a Miami, Florida based commercial real estate brokerage helping business owners and investors navigate the processes of buying, selling, and leasing property.
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