$26.75 Million Coral Gables Property Purchased by CGI Merchant Group
CORAL GABLES, Fla., Oct. 24, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the retail, office and parking portion of 55 Miracle Mile, located in Coral Gables, Fla. The sales price is $26,750,000.
Douglas K. Mandel, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Benjamin H. Silver, a senior associate in the firm’s Miami office, represented the seller, CF Miracle Mile LLC.
“55 Miracle Mile is a trophy asset located in the heart of a world-class, pedestrian-friendly shopping, entertaining and dining district that commands some of the highest rental rates in the county,” says Mandel. “We conducted a high-profile marketing campaign that reached all segments of the investment community and received a tremendous response, especially from institutions and international funds.”
“The retail, office and parking elements of 55 Miracle Mile are a perfect fit for CGI’s South Florida acquisition strategy,” adds Mandel.
Built in 2004 by Starwood Capital Group, 55 Miracle Mile originally included 184 luxury residential condominium units, all of which were sold that same year. The retail and office space portion consists of 65,242 square feet located on the ground, second and third floors. The parking garage features 400 spaces and is open to the public.
At the time of the sale the property was approximately 90 percent occupied. Major tenants include Ben & Jerry’s, Cibo Wine Bar, HSBC and Tarpon Bend.
Coral Gables is a dynamic, historic and international city. It is also centrally located, offering convenient access to Miami International Airport, downtown Miami, Brickell Avenue, Key Biscayne, Coconut Grove and South Miami.
Contact: Gina Relva, Public Relations Manager