MIAMI—Riviera Plaza, a 45,000-square-foot mixed-use commercial building in Coral Gables, FL, has traded hands. The asset sold for $16.5 million.
13th Floor Investments, a Miami-based real estate investment and management firm, Gadinsky Real Estate, a Miami-based retail development and leasing firm and Echion USA, a retail development firm, acquired the mixed-use asset. Gadinsky Real Estate/Echion will serve as the leasing agent for the mixed-use property.
“Riviera Plaza is an ideal investment, both for its current value proposition and for its long-term growth potential,” says Arnaud Karsenti, managing principal of 13th Floor. Located at 1542 South Dixie Highway with direct frontage on US 1, Riviera Plaza is a urban infill location featuring office, retail, and theater space. Subway, Gables Pizza, Misha's Cupcakes, and the Riviera Plaza Theatre of the Performing Arts are among the existing tenants.
13th Floor worked with BankUnited to secure a $9 million acquisition loan for the commercial real estate transaction. This is the third loan that the firm has secured with the lender in recent months, following acquisition loans for Peary Court, a multifamily asset in Key West, and 3650 North Miami Avenue, a retail asset in Miami's Design District.
“There is wealth of opportunity for both office and retail tenants looking for a centralized location and access to a strong consumer base in Coral Gables,” says Seth Gadinsky, founder of Gadinsky. “Tenants benefit from this high-traffic location and its close proximity to the University of Miami and other large-scale retail, restaurant and shopping destinations.”
In today's competitive real estate market, having a seasoned team of professionals on board is a key for long-term success in investing and developing trophy assets. Miami-based 13th Floor Investments understands that principle and has attracted some of the country's most experienced professionals to help grow the firm. Click here to read an exclusive interview with 13th Floor's Rey Melendi about what makes Miami's new boom unique.
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