Dental Design Smile buys Coral Gables office for $ 7 million
Elvis Mons must smile: His cosmetic dental clinic bought a distressed Coral Gables office building for $ 6.6 million.
Dental Design Smile purchased the nearly vacant property at 3195 Ponce De Leon Boulevard, with plans to renovate it and consolidate all of its current locations there, according to the clinic’s brokers. Leste Group, an alternative investment platform with an office in Miami, provided a $ 4.4 million bridge loan to finance the purchase.
Abiel Ballesteros and Daniel Lopez of United Dream Real Estate closed the deal on behalf of the buyer.
The seller, SDI Matto JV Holdco, is linked to distressed debt investor Secured Debt Investments, based in Coral Gables. The property had been seized.
LV Lending sued former Four Aces owner in 2019, alleging more than $ 2.5 million in unpaid principal plus interest on a loan for the property, according to court documents. Last year, SDI Matto took over as LV Lending and sued the foreclosure action.
The purchase of Dental Design Smile marks a new chapter for the five-story building which is 90 percent vacant. The Mons dental clinic plans to invest $ 3.5 million in renovations, including the creation of a roof and a penthouse for VIP clients, according to Ballesteros.
The deal follows several sales of Coral Gables offices that have been made in recent months, including by buyers Ubiica and Maven Real Estate, who are betting heavily on the city. In June, they bought an office building and parking lot for $ 8.7 million. They plan to develop either collective housing or an assisted living facility on part of one of the lots and on an adjacent lot that they have previously purchased.
In another part of Coral Gables, Ubiica and Maven completed an assembly in April with the purchase of an office building for $ 4.1 million. They plan to build a multi-family project on this property and the adjacent properties they own.
Other asset classes are also traded in the city. This month, Terranova paid $ 6 million for the former California Pizza Kitchen site on Miracle Mile, marking the company’s 12th property along the shopping street and restaurants.