Source: The Real Deal
Ugo Colombo’s CMC Group has recently confirmed their purchase of an office condo building in Coconut Grove.
“CMC Group has a long track record of owning income generating properties, with The Collection luxury car dealership, 4000 Ponce de Leon Boulevard and 1550 Biscayne Boulevard being prime examples,” said Ugo Colombo, founder of CMC Group. “Our acquisition of 2950 Southwest 27th Avenue in Coconut Grove is the newest addition to our commercial portfolio. The property is 100 percent occupied with a roster of users including Revuelta Architecture and Douglas Elliman. We love the building’s central location, high quality tenant mix, and access to US-1 — and we have no plans to redevelop the site at this time.”
The building includes 40,000 square feet of rental space and 148 garage parking spaces. The former office condo owners will now lease back their space, CMC said. The building is located on the recently upgraded Southwest 27 Avenue, close to the central business district of Coconut Grove.
“In the end, we were fortunate to be dealing with knowledgeable buyers and sellers. This transaction will prove to be a good deal for both sides, and further support the value of owning in Coconut Grove,” says Otto Travieso of Real Capital Partners who helped to negotiate the sale.