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Cam Group Buys Aging Coral Gables Office Building
Cam Group paid $18.5 million for an older office building in Coral Gables with plans to redevelop it. The South Florida Business Journal reports the property has a 17,245-square-foot office building constructed in 1954. It last traded for $2.65 million in 2001.
B & B Investments Management sold the 2.05-acre site at 760 Ponce de Leon Blvd., plus 112 and 120 Avila Court, to 760 Ponce De Leon LLC. Granada Financial provided a $13 million mortgage to the buyer.
Cam Group plans to redevelop this property with a $35 million medical office complex.
The new building would feature 89,370 square feet of medical offices, 17,260 square feet of ground-floor commercial space and 502 parking spaces in five stories. The medical office space would be on the top three floors, and there would be open-air terraces on floors four and five.
Coral Gables-based Behar Font & Partners designed the project.
- ◦Sale/Acquisition
- ◦Development
