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CORAL GABLES, FL-Locally based Strategic Properties Group has acquired a 1.7-acre vacant parcel at 2263 Douglas Rd. for $14 million with plans to develop Andalusia Corporate Plaza. The parcel, located 50 yards from the Miracle Mile shopping district, has been rezoned to accommodate the 15-story, 213,000-sf class A office building, which Strategic is developing on spec at an estimated all-in cost of $84 million.

“Coral Gables has the lowest office vacancy rate in all of South Florida,” Henry Pino, founder and president of Strategic, tells GlobeSt.com, estimating the current vacancy rate at 4%. “There is virtually no available class A office space,” he adds. The company, which was founded five years ago, has disposed of its residential properties, Pino says with some relief, and Andalusia is part of the company’s shift to office-only development. It recently completed an office condo property on Biscayne Boulevard, which Pino says has been well received.

Andalusia is being built to LEED green building standards. It will include 10,000 sf on the ground floor, with half of the space designed for a drive-thru bank branch and the remainder suitable for other retail. The office market has shifted to triple-net leasing, he says, and the asking rate at Andalusia is $30 per sf, NNN.

Strategic is currently obtaining construction drawings, and Pino says the company is also looking for a joint-venture development partner. Plans call for groundbreaking in second-quarter 2008, with completion 17 months later.

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