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