Avison Young completes $16.4M sale of high-street retail asset at the entrance of famed Miracle Mile in Coral Gables, Florida
Occupied by multiple national, high-credit tenants, Gables Entrance trades at high PSF
Miami — Avison Young’s Florida Capital Markets Group completed the $16.4 million sale of Gables Entrance, a 12,427-square-foot, high-street retail asset at the eastern entrance of Miracle Mile, the “Main Street” of downtown Coral Gables, Florida. Situated on 1.15 acres at 2209 SW 37th Ave. (Douglas Road), Gables Entrance traded at $1,320 per square foot, one of the highest sale prices per square foot for a pure retail property not related to a re-development in Coral Gables over the past five years.
On behalf of Coral Way Entrance-LLC, Avison Young Principals John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; and Senior Associates Joshua Ladle and Brian C. de la Fé marketed the property and facilitated the disposition to Nisa Holdings LLC.
“Coral Gables remains one of the most desirable retail locations in Miami-Dade County and the country as it continues to perform significantly above the national average,” said Crotty. “The seller engaged our team due to our understanding of the market and ability to communicate the asset’s value and phenomenal location which boasts one of the highest asking lease rates in Miami-Dade. Ultimately, the property sold at the best possible price to an ideal buyer.”
On the Southeast corner of Coral Way and Douglas Road, Gables Entrance consists of two buildings totaling 12,427 square feet and 2,300 square feet of outdoor rentable space. The buildings are fully-occupied by Chipotle Mexican Grill, Pei Wei, Toasted Bagelry & Deli, and J.P. Morgan Chase Bank. Chase is the anchor tenant and occupant of the free-standing building on the hard corner. The greatly-visible address with free customer parking and long-term, high-credit tenants commanded the above-market sale price and a low capitalization rate of 5.1 percent.
As of third quarter 2018, the Coral Gables submarket posted a retail vacancy rate of 3.2 percent, while the overall Miami-Dade County market reported vacancy at 4.2 percent. The average net retail rental rate in Coral Gables was $40.21 compared to $38.83 for the county.