MIAMI, FL – HFF announced today that it has closed the sale of the former Old Spanish Village (top left photo) development site in Coral Gables, Florida. HFF marketed the development site on behalf of the seller, FirstBank Puerto Rico. Agave Holdings, LLC purchased the property for $30.55 million. Legal representation for the buyer and seller consisted of Bilzin Sumberg and Holland & Knight, respectively.
Old Spanish Village is a 5.8-acre mixed-use development site that is entitled for nearly 700,000 square feet of residential and retail uses. The site is located along Ponce de Leon Boulevard adjacent to Ponce Circle Park and within blocks of downtown Coral Gables, the Miracle Mile shopping district (middle right photo) and Merrick Park.
The HFF sales team representing FirstBank Puerto Rico included executive managing director Manuel de Zárraga, directors Luis Castillo and Jaret Turkell and real estate analyst Scott Wadler.
“Old Spanish Village represents a generational development opportunity in one of Miami’s most affluent and desirable residential and commercial neighborhoods. This sale highlights Agave Holdings’ exceptional long-term confidence and significant capital commitment within the Coral Gables market,” said Castillo.
FirstBank Puerto Rico, a subsidiary of First BanCorp, is a state-chartered commercial bank with operations in Puerto Rico, The Virgin Islands and Florida. First BanCorp and FirstBank Puerto Rico all operate within U.S. banking laws and regulations. It operates a total of 170 branches, stand-alone offices and in-branch service centers throughout Puerto Rico, The U.S. and British Virgin Islands, and Florida.
Agave Holdings, LLC is a privately-owned, commercial real estate firm specializing in the acquisition and development of the most prominent commercial properties around the world.
Agave Holdings, LLC currently owns and operates 3,000,000 square feet of institutional grade real estate in Mexico and 1,000,000 square feet in the United States. Old Spanish Village marks the second significant investment for Agave Holdings in Coral Gables. The company is currently developing 396 Alhambra, a $140 million mixed-use development in the central business district.
Contacts:
Manuel de Zarraga, HFF Executive Managing Director, (305) 448-1333 mdezarraga@hfflp.com
Luis Castillo,HFF Director, (305) 448-1333, lcastillo@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500
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