Gables Square, 75 Valencia Ave., Coral Gables, FL, is near the Miami suburb's Miracle Mile retail corridor. The 12-story office building was built in 1987 and has leased 87% of its 82,548 sf.
Club Med's North American headquarters takes up 38% of leased space at Gables Square. The Coral Gables area averaged $31.47 per sf in the second quarter of 2002, according to Cushman & Wakefield of Florida Inc. most recent statistics.
The loan was arranged by Paul Stasaitis, senior director of Holliday Fenoglio Fowler's office in Miami.
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