Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Westside Capital Group Shells Out $14M for Coral Gables Office
Miami-based Westside Capital Group has purchased 2000 Ponce, an eight-story office building located in the central business district of Coral Gables, FL. The property was acquired for $13.9 million in an off-market sale from a long-term private family owner.
Berkadia’s Charles Foschini and Christopher Apone secured a five-year bridge loan and 24-months of interest only, at a 74 percent loan-to-cost ratio on behalf of Westside Capital. Valley National Bank’s Kevin Miliffe and Tre Korhn underwrote and originated the loan.
2000 Ponce is a Class A building built in 2001 on a 0.45-acre lot composed of 104,356 square feet of BOMA gross leasable area and 46,320 square feet BOMA leasable area. It has 104 parking spaces in a four-story structured parking garage.
Westside plans to renovate the property exterior; upgrade the lobby and lease up available retail ground floor space to one or two restaurant concepts while upgrading and repositioning office space.
- ◦Sale/Acquisition
