We are thrilled to announce that John Lonardo, CCIM, Broker for the ComReal Coral Gables-Miami operation, has brokered the sale of the AmTrust Bank Building and three land parcels in Downtown Coral Gables.

The Classical Mediterranean Revival building is located at 2701 Ponce de Leon Blvd. It sits at the corner of Ponce de Leon Boulevard and Almeria Avenue on Ponce Circle, at the gateway to the seven acre “Plaza Gables,” a one million square foot mixed use development project under construction.

The site was first developed in 1924 by C. Glover Boake, a leading contractor, for his office building, designed by renowned Coral Gables architect Phineas Paist. It was condemned and torn down in 1983. In 1985, it was reincarnated into a 28,000 square foot office building reminiscent of the original by the Bank of Coral Gables. Three land parcels totaling 30,000 square feet and drive-thru that may be developed are part of the sale.

In 2009, the seller, New York Community Bank Corp (NYCB) acquired the assets of the 130 year old Ohio Savings Bank & Loan, AmTrust Bank and the property valued at $4,000,000. AmTrust Bank operates 26 branches in South Florida. The buyer, Ponce 2019, LLC, purchased the property from NYCB for $11,600,000. AmTrust Bank signed a long-term lease with the new owner.

Property & Parcels Breakdown Map

 

Mr. Lonardo, a noted Coral Gables commercial real estate advisor, is a principal at the ComReal Miami-Coral Gables office located at 51 Merrick Way, in the center of the downtown central business district. He also recently brokered the $4M sale of a nearby 8,200 SF office building at 113 Almeria Avenue, as well as the sale of the landmark La Palma Building at 112-116 Alhambra Circle for $4.8M. ComReal’s advanced marketing programs and John Lonardo’s 20 years of experience in the Coral Gables market resulted in their ability to represent buyer and seller in these transactions.

Lonardo and the rest of the ComReal team are happy to assist you with any of your commercial real estate needs. Reach John Lonardo directly at jlonardo@comreal.com or (305) 213-4050, or contact ComReal online today.