MIAMI—Plaza San Remo, a Whole Foods-anchored retail condominium in Coral Gables, FL, has a new owner. And for once it's not a foreign buyer snapping up assets from an American seller. Indeed, it's just the opposite.
LIC Coral Gables Retail, Inc., a German investment group advised by Phoenix Property Company of Dallas, sold the asset to an institutional investor. The retail property traded for $38.7 million free and clear of debt.
The HFF investment sales team representing the seller was led by senior managing director Danny Finkle, director Luis Castillo, and senior real estate analyst Kim Flores. HFF's investment sales team secured more than $1.7 billion in sales of retail assets nationally through the third quarter of 2013.
“Plaza San Remo's combination of top tier tenancy and irreplaceable location in the heart of one of South Florida's premier residential, retail, and office submarkets, made this a highly coveted investment opportunity,” says Finkle. The retail asset is located at 6701 Red Road across from The Shops at Sunset Place and just south of U.S. Route 1 in Coral Gables.
Completed in 2007, Plaza San Remo is the retail component of a seven-story, 180,000-square-foot mixed-use development that includes retail, medical office condominiums, and a 739-space parking garage. It is 99% leased.
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