Westside Capital Group has bought the 85,000-square-foot 2000 Ponce, an eight-story office building in Coral Gables, Fla., from a private long-term owner, for $14 million, in an off-market transaction. Berkadia secured a $14.6 million, five-year bridge loan with 24 months interest-only, at a 74 percent loan-to-cost ratio. Valley National Bank provided the acquisition financing.
Having set aside a capital investment and improvement budget, the new owner plans extensive exterior renovations for the Miami-area property. Westside also plans to lease up the retail ground-floor space to dining companies, upgrade and reposition the boutique office spaces on upper floors as well as renovate the lobby.
Built in 2001 on a 0.45-acre lot, the property also offers a total of 104 parking spaces at a 1.2 spaces per 1,000 square feet parking ratio, according to CommercialEdge. Current tenants include companies such as BizNest Miami, SocialBuzzTV.com, Media Global Group and Quest Workspaces, according to the same data provider.
Small gem in booming Miami office market
Located at 2000 Ponce de Leon Blvd., in the Coral Gables CBD, which is among Miami’s most popular office submarkets, the property has many retail, dining and entertainment options within a 1-mile radius. The office building is some 4 miles south of Miami International Airport and less than 3 miles northwest of Coconut Grove. The building is situated some 6 miles southwest of downtown Miami. Employers in the Coral Gables area include Bayview Asset Management, Baptist Health, American Airlines, the University of Miami, Bacardi, HBO Latin America, BBC and Kraft.
In 2021, the Miami market recorded $1.7 billion in office transactions. The sales volume increased remarkably from 2020, the first year of the COVID-19 pandemic, when it clocked in at only $345 million.