A Delaware entity tied to a Miami company has paid $14 million for a Coral Gables office building with plans to update and lease the mostly vacant property.

In an off-market deal, 2000 Ponce Owner purchased the seven-story building at 2000 Ponce de Leon Boulevard, records show. The seller, 2000 Ponce de Leon Square, managed by Edmundo Kronfle, paid $840,000 in 1996 for the land and completed the 87,134-square-foot building four years later, records show. The building has 100 parking spaces and approximately 7,500 square feet of commercial space on the ground floor.

The property is approximately one mile south of The Plaza Coral Gables, a new mixed-use mega project developed by Agave Holdings.

FA Commercial’s Fabio Faerman and Sebastian Faerman represented the buyer and seller in the transaction.

Fabio Faerman told The Real Deal he couldn’t disclose the identity of the buyer, but the building’s new owner is based in Miami. “They have an office in Brickell and they’re always looking for value-added opportunities,” Faerman said. “Because this property is nearly 65% ​​vacant, it was a good fit for them.”

2000 Owner Ponce’s principals plan to move to the seventh-floor penthouse suite at 2000 Ponce de Leon Boulevard and renovate the common areas of the building, including the elevators and lobby, Faerman said. “The common areas haven’t been updated in over 10 years,” he said. “The location is great and the appearance of the building from the outside is very good.

The new owner has retained FA Commercial to market and lease the ground floor retail business with a focus on hospitality tenants, Faerman said.

The seller no longer wanted to be in the office sector and is turning to income-generating properties with tenants on credit, he added. “We only sent marketing material to clients looking for value-added office buildings. This buyer won and moved very quickly to close the deal.

Commercial properties in Coral Gables have been in high demand. In February, Miami-based Constellation Group paid $10 million for a pair of single-story Coral Gables office buildings that the company plans to redevelop into a 75,000-square-foot office building with retail properties. on the ground floor. In December, New York-based Fortress Investment Group purchased the Coral Gables headquarters building from Amerant Bancorp for $135 million in a sale-leaseback agreement.