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2990 Ponce De Leon, Coral G...

Renuity Leases 45000 Square Feet From Gildenson Real Estate At 2990 Ponce De Leon Coral Gables
LEASEDOffice

Renuity Leases 45000 Square Feet From Gildenson Real Estate At 2990 Ponce De Leon Coral Gables

2990 Ponce De Leon, Coral Gables, FL...

Building Size

45,000 SF

Asset Type

Office

Closing

Nov 20, 2023

AI

The property involved is located at 2990 Ponce De Leon, Coral Gables, FL, encompassing a total of 45,000 square feet. It is classified as a Class A office building situated in the Coral Gables market, featuring modern amenities and a strategic location that enhances its appeal to potential tenants.

Summary of transation details:

  • Property Type: Lease
  • Transaction Amount: Not specified
  • Address: 2990 Ponce De Leon, Coral Gables, FL
  • Square Feet: 45000
  • Landlord: Gildenson Real Estate
  • Landlord's Representative: Kevin Gonzalez - Floridian First Realty, Jake Freeman
  • Tenant: Renuity

The deal was part of a series of transactions negotiated by Kevin Gonzalez and Jake Freeman, who were hired by BEA Equities and Gildenson Real Estate after their acquisition of the property in March 2022. The team successfully brought the asset to 95% leased within three months, indicating a rapid turnaround in leasing activity.

Players

Jake Freeman

Colliers

Broker

$4.9M

vol

7 deals

Broker
Gildenson Real Estate
Gildenson Real EstateLandlord

Coral Gables Office Market Snapshot

Boundary boundary · Office · 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