M&M Sells 18,500-SF Coral Gables Offi ce Building
for $5.15M
Coral Gables
Marcus &
Millichap Real Estate Investment
Services, has announced the sale of
1000 Ponce, an 18,552-square foot
executive office building in Coral
Gables, according to Gregory Matus,
Vice President/Regional Manager of
the rm's Ft. Lauderdale o ce. e
asset commanded a sales price of
$5,150,000 or $277 per square foot.
Vice President Investments Douglas
K. Mandel in the rm's Ft. Lauderdale
o ce and Senior Associate Benjamin
Silver in the Miami office had the
exclusive listing to market the
property on behalf of the seller, a
local Miami-based developer.
" is sale represents one of the high-
est price-per-foot closings for a Coral
Gables multi-tenant office building
since December 2009. Over the past
few years, Ponce De Leon Boulevard
has seen tremendous growth and
redevelopment and there are sever-
al development projects underway.
Long-term potential for redevelop-
ment also exists as the site is approved
for the construction of an 11-story of-
ce building," says Silver.
10 0 0 Ponce consists of a
25,000-square foot (18,552 rentable
square feet), three-story o ce build-
ing with covered and service parking.
e building, which was completely
renovated in 2011, was 100 percent
occupied at the time of the sale. It is
located just few blocks south of
Southwest 8th Street and north of
Miracle Mile at 1000 Ponce de Leon
Boulevard in Coral Gables.
Crossman & Company Closes on Satellite Beach Offi ce Building
Orlando
- Crossman & Company
in Orlando recently closed on the sale
of a 5,826 square foot freestanding of-
ce building at 1300 Highway A1A in
Satellite Beach and the rm's President
John Crossman said the sale may be
the rst of several the company will
broker over the next 12 months.
Crossman & Company Director
Whitaker Leonhardt negotiated the
$750,000 sale price for the property
representing an undisclosed seller.
Grace Upon Grace LLC, a Brevard-
based business, acquired the building.
Leonhardt said he expects to see an
increase in sales of office and retail
properties in Brevard County.
"Brevard County is home to
several investors and business
leaders who know the market in-
timately and who are currently
seeking commercial real estate
acquisitions," Leonhardt said.
"We see this as a strong sign that
the Brevard economy is recovering
and we expect to see an increase in
property transactions for the next
three quarters," he said.
Mandel & Silver Sell The Courtyard Offi ce Building for $6.25M
Boca Raton
Marcus &
Millichap Real Estate Investment
Services, has announced the
sale of The Courtyard Office
Building, a 71,820-square foot
o ce building in Boca Raton, ac-
cording to Gregory Matus, Vice
President/Regional Manager of
the Ft Lauderdale office. The
asset commanded a sales price of
$6,250,000 or $87 per square foot.
Vice President Investments
Douglas K. Mandel in the rm's
Ft. Lauderdale o ce and Senior
Associate Benjamin Silver in the
Miami office had the exclusive
listing to market the proper-
ty on behalf of the seller, a Boca
Raton-based partnership. e buyer,
a local investor was able to secure -
nancing and close quickly due to the
tight timeframes associated with a
1031-exchange. e buyer has plans
to upgrade the building aesthetics
and mechanics, which is expected to
increase occupancy rates and help to
re-establish the building as a landmark
destination for its tenants.
"The property is currently 42
percent occupied with below
market rents, providing strong
upside potential. The local
leasing market is averaging oc-
cupancy rates of 87 percent and
average lease rate of $25.57 per
square foot," says Mandel.
T h e C o u r t y a r d i s a
70,000-square foot, four-story
o ce building located at 5301
North Federal Highway, across
from the Boca Raton Yacht
Club. e main feature of the
property is the four-story
Atrium with several water fea-
tures including waterfalls,
ponds, streams, tropical foliage,
two glass elevators, restaurant and
underground parking.
The Courtyard Offi ce Building
BUSINESS FOR SALE
Fantastic business opportunity for a 2,800
SF Health Food store. Has been in opera-
tion for 18 years with strong local follow-
ing. Offers natural growing food, vitamins,
fresh produce and organic groceries. Cut-
ting edge store also has a sports nutrition
center and food deli.
REDUCED! $197,000
GUS
JADOUN
Port Richey
(727) 457-9540
RESTAURANT AND REAL ESTATE FOR SALE
This restaurant/sub shop and it's real
estate have a premier location in the heart
of New Port Richey. Has been in operation
for 6 years, with strong local customer
base. Drive through, 100 seats inside, 3,000
SF, on 1/2 acre with ample parking.
Asking $1,300,000
NEW PORT RICHEY RESTAURANT 6206 US HWY 19 NE
HOLIDAY HEALTH FOOD BUSINESS 1922 US HWY 19
1000 Ponce
FLORIDA INVESTOR · May 2012
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