MIAMI—Marcus & Millichap just listed the retail, office, and parking components of 55 Miracle Mile in Coral Gables. The list price is $27.5 million.
“With 92% occupancy and a collection of established tenants, the property offers excellent income stability in a submarket that commands some of the highest rental rates in Miami-Dade County,” says Douglas K. Mandel, a first vice president of investments in M&M’s Fort Lauderdale office, Mandel, along with senior associate Benjamin H. Silver, is representing the seller, CFI Miracle Mile.
Built by Starwood Capital Group in 2004, 55 Miracle Mile includes 184 luxury residential condominium units, all of which were sold that same year. The retail and office space portion offers 65,242 square feet located on the ground, second and third floors. The parking garage features 400 spaces and is open to the public.
“Miracle Mile is home to several high-end retail boutiques, restaurants, and cultural venues and is recognized by both locals and tourists as a true destination,” says Silver. “The property provides a unique opportunity to acquire a trophy property in a highly desirable location.”