Coral Gables Trophy Asset Trades For $8.5 Million
Melo Real Estate President and CEO Frank Rodriguez Melo, CCIM represented the buyer, 4119 Ponce de Leon, LLC, in the sale of Coral Gables trophy building 4119 Ponce.
The property traded for $8.5 million, or approximately $321.00 per square foot.
"The deal took more than 6 months to come to fruition due to its complexity, but we’re excited that the deal has finally been executed and that the new owners plan to preserve this beautiful property as an income producing asset," commented Rodriguez.
The retail asset, which totals 26,476 square feet, was built in 2010. It is located on prestigious Ponce de Leon Boulevard, across from the world famous Merrick Park in the Business District of Coral Gables, situated just east of LeJeune Road and south of US 1. The building was designed by Ramon Pacheco, an award-winning member of the American Institute of Architects.
Ferguson, a Fortune 500 company, occupies the ground and second floor, approximately 60% of the property.
The Coral Gables office retail market is one of the most desirable in all of Florida, given its proximity to a myriad of restaurants and high-end residential, as well as Miami International Airport, the Brickell Financial District, Coconut Grove and South Miami.
Laura Kedalfis of Sperry Van Ness represented the seller, Gables Design Center LLC, in the transaction.
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About Melo Real Estate: Melo Real Estate focuses on the representation of real estate owners, investors, and developers. The firm is located at 605 W Flagler Street in Miami. For more information, please visit www.melorealestate.com or call 305.326.8855.
About CCIM: A Certified Commercial Investment Member (CCIM) is a recognized expert in the disciplines of commercial and investment real estate. The designation is awarded by CCIM Institute. A CCIM is a resource to the commercial real estate owner, investor, and user, and is among a corps of over 9,500 professionals around the globe who hold the CCIM designation. CCIM designees live and work in the U.S., Canada, Mexico, and more than 35 other nations. International membership includes more than 1,000 professionals. CCIMs must be proficient in the areas of investment analysis, market analysis, user decision analysis and financial analysis for commercial real estate.