Avison Young completed the $3 million sale of Giralda and Ponce De Leon Corner, a two-story 4,818-square-foot mixed-use building located at 178 Giralda Ave. at the corner of Giralda Avenue and Ponce de Leon Boulevard in the heart of the Central Business District (CBD) of Coral Gables.
Michael T. Fay, principal and managing director of Avison Young’s Miami operations, and Myles Stepner, associate, represented the seller, securing $623 per square foot for a longtime client of the firm.
The historic office/retail property, which features Coral Gables’ signature Mediterranean architectural aesthetic, sold to Santa Maria Real Estate LLC, a foreign buyer. The transaction allowed the buyer, represented by Fernando Naranjo, principal of The Orange Group, to invest in a quality asset within a high-barrier to entry market.
With 10.1 percent vacancy for office and 1.1 percent vacancy for retail in Coral Gables, lack of available space, limited concessions and negotiations are creating an environment in which demand for investment properties outpaces supply. As a result, Giralda and Ponce De Leon Corner traded at a price comparable to transactions closing on Miracle Mile, Coral Gables’ main street and one of Miami-Dade’s most popular business and shopping stretches, which is walking distance from the property.
The continued overall tightening of Coral Gables office and retail market are leading to listings of buildings in high street locations, a theme seen along South Beach’s Lincoln Road in past years. Another example in Coral Gables’ CBD is the listing of the LaSalle Cleaners building, a two-story 10,778-square-foot retail asset with substantial development potential at 2341 S. LeJeune Rd., which Avison Young has been retained to market and sell in addition to a variety of other properties in the area.
Avison Young’s Miami operations provide the best-in-class services to local, national and international clients while also networking with the firm’s other offices across the U.S. and Canada.
For more information about Avison Young in Miami, visit www.avisonyoung.com/offices/miami.