Coral Gables Buys Medical Building For $24 Million

The City of Coral Gables paid $24 million for a medical office building last week. The 53,029-square-foot structure at 475-495 Biltmore Way sits on the same block as city hall and the Planning and Zoning Department.

City officials purchased the property to plan for future municipal growth. The building was 94 percent leased at the time of the sale. ShareMD, a firm that owns 14 medical office buildings in Florida and California, sold the property. The company changed its name to Parallel Medical Properties when the closing occurred.

For the next year, the city will use the seller’s property management affiliate, Medicus Asset Management, to operate the building. Blanca Commercial Real Estate managed the property before the sale.

Miami International Airport launched a new shared online portal for freight forwarders, cargo handlers, truckers, and carriers. The Airport Cargo Community System aims to reduce reliance on manual information interchange. The airport said the system will improve information handling on cargo arrival times and types, which should reduce congestion and inefficiencies.

The airport handled a record 3.4 million tons of freight in 2025. That volume made it the busiest freight airport in the United States and the third busiest in the world, behind Hong Kong and Shanghai. Operations required a daily average of 190 cargo-only flights and 1,600 cargo truck trips.

Gencom purchased the Intercontinental Miami Hotel near the Miami River. The company is developing the $1.5 billion Miami Riverbridge project, which includes two hotels and 700 apartments on the river’s north bank where the Hyatt Regency Miami stands. White Bridge Capital and its partners provided a share of the equity capital for the acquisition.

The 652-room hotel opened in 1983 as the Pavilion and was constructed by Washington developer Theodore Gould. It has recently been completely renovated. The property features 35 meeting rooms and more than 90,000 square feet of flexible indoor and outdoor event space. Separately, legislation from Commissioner Natalie Milian Orbis won preliminary county commission approval last month. The bill requires the sponsoring county commissioner to approve renaming or co-designation of roads, facilities, or properties owned by the state or cities. The commission auditor will conduct background checks on renaming subjects, mirroring current procedures for county-owned assets.