An affiliate of Miami-based Cam Group has acquired an older office building in Coral Gables for $18.5 million with redevelopment plans. B & B Investments Management, managed by Wilfred Braceras in Miami, sold the 2.05-acre site at 760 Ponce de Leon Boulevard, along with 112 and 120 Avila Court, to 760 Ponce De Leon LLC, led by Pedro Camejo and Joel Campo of Cam Group. The buyer secured a $13 million mortgage from Granada Financial.
The property currently hosts a 17,245-square-foot office building constructed in 1954. It was last sold for $2.65 million in 2001, marking a significant increase in value.
The South Florida Business Journal recently reported that Cam Group has filed redevelopment plans for the property to create a $35 million 5-story medical office complex, dubbed 760 Ponce, designed by Behar Font & Partners. The proposed building would encompass a total construction area of 355,000 square feet, including 89,370 square feet of medical offices, 17,260 square feet of ground-floor commercial space, and 502 parking spaces across five stories. Electric vehicle chargers would be available in 26 lower-level parking spaces, with medical office space on the top three floors. Open-air terraces would grace the fourth and fifth floors.
The project aims to replace the outdated office building with a high-quality, mixed-use development designed in line with Mediterranean architectural standards, blending seamlessly with the city’s existing aesthetics.
Coral Gables boasts some of the highest income levels in Miami-Dade County and a substantial office sector. This makes it an appealing location for medical professionals seeking patients who can afford high-quality healthcare services.