PGIM has had a hold on The Ponce, a two-building office complex in Coral Gables for nearly 20 years. The property recently sold for $97.8 million. Intalex Capital, Itero Investments and Greenwall Capital were the buyers of the 348,473-square-foot property.
The tower at 2525 Ponce de Leon Blvd. totals 254,803 square feet and rises 12 stories. The second structure is a 93,670-square-foot, six-story building.
Commercial Search reports CBRE worked on behalf of PGIM and also arranged a $105 million acquisition loan from ACORE Capital. Cushman & Wakefield will oversee leasing efforts. Hines will manage it.
CBRE’s Christian Lee, Sean Kelly, Matthew Lee and Tom Rappa, represented the seller. In addition Andrew Chilgren and Amy Julian arranged acquisition financing.
The new owners plan to invest $30 million in property renovations. Improvements will include common areas and amenities, updated building systems and enhanced courtyards. Renovations are slated for completion by 2027.
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