Cam Group Pays $18M for Coral Gables Office, Plans Redevelopment
Cam Group acquired an aging office building in Coral Gables, Fla., for $18.5 million, with plans to redevelop it into a medical office, property records show.
The 2-acre site sits between Tamiami Trail and Avila Court at 760 Ponce de Leon Boulevard. The land is now home to a two-story office building, which totals 17,245 square feet and was constructed in 1954.
The seller, B&B Investments Management, assembled the property, which includes a surface parking lot, for $3.1 million in 2001 and 2002, according to property records.
Cam Group nabbed a $13 million acquisition loan from Granada Financial. The Miami-based developer plans to replace the existing building, which has medical tenants, into a five-story building.
The proposal, filed last month and first reported by South Florida Business Journal, calls for 89,370 square feet of medical offices, 17,260 square feet of commercial space on the ground floor and 502 parking spaces. The development is estimated to cost $35 million.
The acquisition follows other purchases of aging offices in Coral Gables, a wealthy suburb just outside of Miami.
Last month, Princeton International Properties paid $90 million for an office tower at 355 Alhambra Circle. In late August, a joint venture among local investors and developers, Lndmrk Development, Terranova and Torose Equities, paid $54 million for an aging, 13-story property at 255 Alhambra Circle.
While the two groups of developers do not intend to tear down the standing structures, they plan to renovate the buildings to reposition them as Class A offices.
Julia Echikson can be reached at email@example.com.