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CORAL GABLES, FL-Locally based CoFe Properties LLC bought Atrium at Coral Gables, a four-story, 161,107-sf office building, for $29 million, or $180 per sf, which is significantly higher than the median price here. The seller is a JV between affiliates of Miami-based America’s Capital Partners and CB Richard Ellis Investors, which is based in Los Angeles.

Dan Carlo, senior managing director of the Miami office of Holliday Fenoglio Fowler, and Manny de Zarraga and Kimberly Flores of that office, negotiated for the seller. CoFe is a private investment group with commercial property holdings and a large residential building practice in South Florida. According to Carlo, CoFe principals Eugenio Cosculluela and Mario Fernandez recognized “potential value enhancement through an office condominium conversion.”

The building is located at 1500 San Remo Ave., the crossroads of the Coral Gables and South Miami markets in suburban Miami. It is within one block of the 502,000-sf Shoppes of Sunset Place retail and entertainment center, the University of Miami and South Miami Hospital. It is 96% leased. Among the tenants are RTKL, Coldwell Banker, Campbell’s Soup, Starbucks, and Wolfberg, Alvarez and Packman, Neuwahl.

Carlo says investor response to the offering was strong. While he partially credits that to the property’s location and esthetics, “the aggressive pricing,” he says, “is most directly related to the excellent job of leasing the property to near-full occupancy with a stellar tenancy. Investors saw the resultant security of the future cash-flow stream,” as well as the condo conversion potential, “and stretched their pricing for this offering.” Third-quarter data from the Miami office of Marcus & Millichap confirms Carlo’s claim. It projects a median price of $125 per sf for the overall South Florida office market this year and cites a recent Coral Gables office transaction at $142 per sf.

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