CORAL GABLES, FL-The single-story, 15,289-sf retail landmark at 2120 Salzedo St. and the corner of Alcazar Avenue sells for $4.4 million, or nearly $288 per sf. Built in 1923, it has been deemed of historic significance by the city.
"This is seen as a trophy property for the buyer," Martin Pinilla II of locally based Colliers Abood Wood-Fay tells GlobeSt.com. Pinilla obtained the exclusive listing from Montana Partnership, "a South Florida family that owned the building for many years," he says, "and secured the buyer in less than 30 days."
The buyer, identified as Salzedo LLC, "is a local group of investors that typically acquires large, grocery-anchored shopping centers," according to Pinilla. "They liked this property's architectural beauty as well as its location in the central core of the Downtown commercial district."
At one time, the building was split in order to open it into a retail arcade. It is fully occupied, except for space recently vacated by Le Festival restaurant. Other tenants include a hair salon, barbershop, floral delivery service and two real estate offices.
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