RE Investment Firm Pays $3 Million For 3 Office Condo Suites Totaling 4,000 SF

Feb 23, 2020 No Comments by

Ofizzina, the ‘Class A’ office condo tower in Coral Gables, announced the $3 million sale of three office suites to BAR Invest Group, a real estate investment firm that manages a growing portfolio of properties across the U.S.

The purchase of more than 4,000 square feet on the 11th floor will accommodate the firm’s new corporate headquarters. Ofizzina is the successful product of a development partnership between TSG Group, a boutique, diversified real estate development and investment company based in South Florida,  and BF Group, a seasoned acquisitions, planning, construction, and development firm. Brown Harris Stevens Miami President Phil Gutman represented Ofizzina’s developers in the deal.

Ofizzina was recently completed and is located at 1200 Ponce de Leon Blvd. The 16-story office tower with ground floor retail features condo-like amenities such as a comprehensive fitness center, rooftop terraces and electric vehicle charging stations.

 

“We’re pleased to welcome BAR Invest Group to Ofizzina,” said Gutman. “As real estate industry executives, the firm has identified the project as a sound investment opportunity for its direct use, with a central location, state-of-the-art amenity programming, and New York-style interior design. BAR Invest Group is a great addition to the business community that has set long-term roots in Coral Gables.”

BAR Invest Group is relocating from its previous headquarters on Brickell Avenue. The firm has developed and acquired more than 1,500 apartment homes and 600,000 square feet of retail, with project costs totaling more than $400 million. Downtown Coral Gables continues to draw local and multinational corporations looking to avoid the congestion of Downtown Miami and Brickell, while still benefiting from the region’s proximity to Latin America, the neighborhood’s top-rated schools and direct access to Miami International Airport. Coral Gables’ office market remains strong, with consistently low vacancy rates when compared to other submarkets.

Ofizzina’s current tenant and buyer mix include end-users in the tech, law, and real estate industries, among others, as well as investors that purchased units with a long-term tenant in place.

 

 

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Industry News, Miami-Dade County Office, NA, Office
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