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Westside Capital Group has paid $14 million for an eight-story boutique office building Coral Gables, FL.

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.


Inside The Story

Westside Capital Group

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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