ComReal Real Estate Agency Details Trade in Downtown Coral Gables

AmTrust Bank will keep a branch in the building after hammering out a leaseback agreement.

John Lonardo is senior vice president at ComReal in Coral Gables. Courtesy photo

A downtown Coral Gables office built in 1924, condemned, demolished and then reconstructed in 1985 traded as part of a larger $11.6 million deal.

Ponce 2019 LLC, led by developer Maven Real Estate LLC’s Marc Schwarzberg and Jose Ortega, bought the AmTrust building along with three nearby lots from New York Community Bank.

John Lonardo, senior vice president at ComReal I Miami-Coral Gables LLC, brokered the off-market transaction for both the seller and the buyer after beginning work for the seller a year ago. He closed the deal July 29.

The 28,000-square-foot, two-story AmTrust building sits on an 8,368-square-foot lot on the southeast corner of Almeria Avenue and Ponce de Leon Boulevard at 2701 Ponce de Leon Blvd.

With the lots, the parcel totals 30,000 square feet. They are the 3,000-square-foot parking lot for bank customers at 160 Almeria Ave. east of the building, a 12,500-square-foot parking lot at 103 Sevilla Ave. even farther east, and 15,000 square feet at 130 Almeria Ave. where a bank ATM is located.

The lots could be redeveloped with retail or residential. The bank doesn’t need the standalone ATM because it plans to add one at its branch.

The name assets of Cleveland-based AmTrust, which closed in 2009, were acquired by New York Community Bank, and the AmTrust name remains on the building.

The bank will keep its branch at the building after negotiating a 3,000-square-foot leaseback with the buyer, down from a 7,000-square-foot space under a 10-year lease.

“This is something that’s happening with banks in general or across the board. They are reducing their footprints,” said Lonardo, who is based in Coral Gables. ComReal also has offices in Doral and Fort Lauderdale.

In fact, being able to lease back its space was instrumental to the deal since it has rejected many offers that wouldn’t allow it to stay, Lonardo said.

After the bank downsizing and other tenants vacating, the building ended up with a 67% occupancy rate. Tenants include three law firms and an office for attorney and former Coral Gables Mayor Don Slesnick, who is serving as honorary consul for Australia.

The 4,000-square-foot space left open by the bank could be converted to retail, Lonardo said.

The original building was in the Classical Mediterranean Revival architectural style. When it was rebuilt in 1985, it was a reincarnation of the original with the design closely following the original.

Seller New York Community Bank bought the building and three nearby lots for $4 million in 2009, according to the Miami-Dade County Property Appraiser’s office. The sale price represents almost a tripling in value in 10 years.

The building is near the 1 million-square-foot Gables Plaza mixed-use project under construction on 7 acres.