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Dream Team Law Acquires Office In Coral Gables From Cantelop Properties LTD For $8.5M

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SOLD
$8,500,000

Florida

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Office8,500 SF
Sold 03/07/2024
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SOLD

Dream Team Law Acquires Office In Coral Gables From Cantelop Properties LTD For $8.5M

1120 Ponce De Leon Boulevard

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Office8,500 SF
Sold 03/07/2024
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$1,000
Total Square Footage:8,500 SF
Transaction Type:Sale

An 8,500-square-foot office building located at 1120 Ponce De Leon Boulevard in Coral Gables was sold for $8,500,000. The buyer, Vanessa Diaz of Dream Team Law, acquired the property from seller Cantelop Properties LTD. The transaction was facilitated with the assistance of buyer's representative Jake Weiss from The Easton Group and seller's representative Pan American Realty Services.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $8,500,000
  • Address: 1120 Ponce De Leon Boulevard
  • Market: Coral Gables
  • Buyer: Vanessa Diaz - Dream Team Law
  • Seller: Cantelop Properties LTD
  • Buyer's Rep: Jake Weiss - The Easton Group
  • Seller's Rep: Pan American Realty Services
  • SF: 8,500
  • PPSF: $1,000

Coral Gables law firm Dream Team Law, under the leadership of Vanessa E. Dream, Esq., purchased the office building to consolidate its operations into a single location. This move allowed the firm to accommodate its growth and bring together about 30 attorneys and staff in South Florida and beyond.

Players

Jake Weiss
1 deal$8.5M volume(305) 733-3509
BROKER

Details

SOLD
IMAGE: Jake Weiss & Vanessa Diaz DATE: 03/07/2024 ADDRESS: 1120 Ponce De Leon Boulevard MARKET: Coral Gables ASSET TYPE: Office BUYER: Vanessa Diaz - Dream Team Law SELLER: Cantelop Properties LTD BUYER'S REP: Jake Weiss - The Easton Group SELLER'S REP: Pan American Realty Services SALE PRICE: $8,500,000 SF: 8,500 ~ PPSF: $1,000 NOTE: Coral Gables law firm Dream Team Law, led by Vanessa E. Dream, Esq., bought an 8,500-square-foot office building at 1120 Ponce De Leon Blvd. for $5.1 million with Easton Group's help. The move consolidates the firm's operations from two offices into one, accommodating its rapid growth and approximately 30 attorneys and staff in South Florida and beyond.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$453,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$30,198.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,294.34
Annual Debt Service$483,532.04