MIAMI—55 Miracle Mile has traded hands. The retail, office, and parking portion of the Coral Gables trophy asset sold for $26.75 million.
Douglas K. Mandel, a first vice president of investments in Marcus & Millichap‘s Fort Lauderdale office, and Benjamin H. Silver, a senior associate in the firm’s Miami office, represented the seller, CF Miracle Mile LLC. The property is 90% occupied. Major tenants include Ben & Jerry’s, Cibo Wine Bar, HSBC, and Tarpon Bend.
“55 Miracle Mile is a trophy asset located in the heart of a world-class, pedestrian-friendly shopping, entertaining and dining district that commands some of the highest rental rates in the county,” says Mandel. “We conducted a high-profile marketing campaign that reached all segments of the investment community and received a tremendous response, especially from institutions and international funds. The retail, office, and parking elements of 55 Miracle Mile are a perfect fit for CGI’s South Florida acquisition strategy.”
Built in 2004 by Starwood Capital Group, 55 Miracle Mile originally included 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 has 400 spaces and is open to the public.
A Holland & Knight team of attorneys represented Miami-based CGI Merchant Group, LLC in the acquisition of the class A mixed-use property. Holland & Knight partners Josias N. Dewey and Mark I. Aronson handled the commercial real estate and financing components and partner Mark S. Scott and associate Paul S. Lawler assisted with the equity structure of the transaction. The buyer received financing from an affiliate of Karlin Real Estate, a California-based lender.