Historic Building With Coveted Address Trades

MIAMI—A two-story bank-anchored historic property on Alhambra Circle in Coral Gables, FL has traded hands. Redavi acquired the 4,044-square-foot mixed-use building at 270 Alhambra Circle from Lotus-Sutra Corp. for $2.25 million.

CBRE's Scott O'Donnell, Dominic Montazemi, and Paco Diaz collaborated with Miguel Alcivar and Danny Diaz of the firm's Investment Properties group to represent the seller. Aquiles Torrealba of Premier Global Brokers represented the buyer.

“This acquisition demonstrates a continued international appetite for well-located boutique assets with in-place cash flow and upside potential,” says Alcivar. “An infill property such as this one will continue to benefit from Coral Gables' ongoing urbanization, and the impact of several other large infill mixed use projects that are further establishing its 24/7 'live work play' environment.”

Built in 1925 and renovated in 2010, the two-story Mediterranean-style property on a 2,500-square-foot site was designed by famed architect H. George Fink. The property is 50% occupied by anchor tenant, Eastern National Bank.

“In addition to benefitting from a concentration of professional businesses nearby, including Eastern National Bank on the first floor, the location is within easy reach of the Coral Gables trolley transit system, multiple residential options, and an exceptional amenity base that includes upscale dining, shopping, and hotels,” says Diaz. Beyond the upside of appreciable rents, land and corresponding building values, the new owners also have the opportunity to either monetize the transfer development rights from this historically significant property. New ownership could also develop an additional floor on the property while preserving the original character of the building.

Coral Gables is picking up office leasing momentum. 55 Miracle Mile, a 65,242 square-foot class A mixed-use development, just attained fully-leased status. The mixed-use property is located on the north block of trendy Miracle Mile between Galiano Street and SW 37th Avenue. Investors are also taking notice. Coral Gables' famed Douglas Entrance sold for $100.75 million in June.

“International banks and wealth management/securities firms have historically had a strong presence in the Coral Gables market,” Danet Linares, vice chairman and Blanca Commercial Real Estate, whose firm recently inked a landlord rep deal with BAC Colonnade earlier this year, tells GlobeSt.com. “But more and more we're seeing major multinational companies locate here.”