BAC Florida Bank Leases 63,000 SF At The Plaza, Coral Gables With Newmark Knight Frank
2901 Ponce De Leon BLVD, Miami, FL...
Building Size
63,000 SF
Asset Type
Mixed-use
Closing
Jul 23, 2019
AI
The Plaza at Coral Gables, a mixed-use property located at 2901 Ponce De Leon BLVD, Miami, FL, is set to welcome BAC Florida Bank as its anchor tenant in 2022. The property will offer a total of 447,675 square feet of office space across two Class A towers, a 242-room hotel with meeting facilities, 161,000 square feet designated for restaurants, entertainment, and retail, as well as residential townhomes and apartments.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: Not specified
- Landlord's Representative: Tere Blanca (Blanca Commercial Real Estate)
- Tenant: BAC Florida Bank
- Landlord: Agave Holdings
- Square Feet: 63,000
Representing BAC Florida Bank in the leasing agreement were Patrick Duffy and Clay Sidner from Newmark Knight Frank. The landlord, Agave Holdings, was represented by Tere Blanca, Danet Linares, and Andres Del Corral from Blanca Commercial Real Estate.
Players
Coral Gables Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93