Cam Group recently acquired an older office building in Coral Gables for $18.5 million, with plans to redevelop the property into a modern medical office complex. The 17,245-square-foot building was originally constructed in 1954 and was last sold for $2.65 million in 2001.
The seller, B & B Investments Management, sold the site at 760 Ponce de Leon Blvd., along with adjacent properties at 112 and 120 Avila Court to Cam Group’s entity, known as “760 Ponce De Leon LLC.” Financing for the purchase was provided by Granada Financial through a $13 million mortgage.
The planned redevelopment project will cost an estimated $35 million and will feature a five-story building with a total of approximately89,370 square feet of medical offices and ground-floor commercial space. The top three floors will be dedicated to medical offices while floors four and five will have open-air terraces. Behar Font & Partners from Coral Gables has been selected as the design firm for this project.
This acquisition marks another strategic move by Cam Group towards expanding its presence in South Florida’s real estate market.
