26TwentySix Ponce, a Modern one-story structure consisting of 6,000 Square Feet of prime retail space, is located at northwest corner of Ponce de Leon Boulevard and Almeria Avenue. In late 2011, AJP Ventures, in partnership with Juan Carlos Mas of Mas Group, purchased the property with the intent to reposition the single-use structure into a multi-tenant building.
Originally built in 1948, 26TwentySix Ponce was re-designed to include a modern storefront facade, floor-to-ceiling glass, as well as retractable windows. AJP Ventures repositioned the asset to achieve maximum revenue potential with a more flexible use at a prime location in the heart of the Coral Gables Central Business District, the northwest corner of Ponce de Leon Boulevard and Almeria Avenue.
Located in Coral Gables, FL, 26TwentySix Ponce is with-in walking distance to over 175 multi-national corporations and single-family homes with a median income of $95,000 per year. Additionally, Coral Gables offers a true downtown environment with services, restaurants and an affluent population which has long been viewed a haven of economic stability in South Florida’s varied and volatile marketplace. The project experienced strong pre-lease demand with it anchor tenant, Anthony’s Coal Fired Pizza, committing to 50% of the total building before commencement of construction.
Anthony’s opened its 34th location at 26TwentySix Ponce in October ’12. Other notable tenants include Energy Kitchen and Café Mijita. 26TwentySix Ponce was completed in October ’12 and is 100% leased. On July 2013, AJP Ventures sold 26TwentySix Ponce to an international investor for $5 million, setting a record high on price per square foot on a retail building in the City of Coral Gables.
Land Acquisition: $1,552,000
Development Costs: $15,000
Construction Costs: $388,000
Total Project Costs: $1,955,000
Per RSF Project Cost: $325.83
Per RSF Stabilized Value: $808.33
Sale Price: $5,000,000
Project Start Date: January 2012
Land Acquisition Date: December 2011
Construction Start Date: April 2012
Pre-Leasing Start Date: December 2011
Construction Completion Date: October 2012
Project Leasing Completion Date: December 2012
Permanent Loan Closing Date: December 2011
Project Sale Date: July 2013
Developer: AJP Ventures Corporation
Contractor: SouthPointe Construction, Inc.
Property Manager: AJP Ventures Corporation
Architect: Bellin+Pratt, LLC