CORAL GABLES, Fla., Oct. 16, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has been selected to exclusively market for sale 999 Ponce de Leon, an 11-story office building at 999 Ponce de Leon Boulevard in Coral Gables, Florida. The price is $39.5 million.
“The property is a recently renovated high-rise office complex in Coral Gables’ financial district that is 87.73% leased to tenants ranging from law offices to technology companies,” said Benjamin H. Silver, first vice president investments in Marcus & Millichap’s Fort Lauderdale office. Silver, Douglas K. Mandel, IPA executive managing director, and Jorge Morales of Blue Box Real Estate LLC, who is handling leasing for the building, are representing the seller. “The Coral Gables’ office market has maintained an occupancy rate of approximately 90% since 2014 with net absorption of about 1 million square feet,” commented Mandel.
Built in 1981 and renovated in 2016, the building encompasses 129,089 square feet on a 1.15-acre lot on Ponce de Leon Boulevard, within a half-mile of public transportation. The property has excellent frontage on the submarket’s north-south corridor, and is two miles from the Dolphin Expressway, Florida State Road 836. The largest development in Coral Gables’ history, Plaza Coral Gables, is within 1.5 miles and the Miracle Mile and Giralda Plaza Streetscape Project are a mile away. The daytime population within five miles is 905,000. Area employers include CVS Health Corp., Kraft Heinz Foods Co., HBO, Burger King and Keystone Holdings.
The 999 Ponce de Leon building includes a 395 space-parking garage and has on-site security, property management and air-conditioned storage spaces with 24/7 access. There is also a tenant break room, a conference facility, a delicatessen, on-site banking, and a travel agent.
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With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.