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Miracle Marketplace Plans Retail Center With 432,787-SF Buy

CORAL GABLES, FL-The company paid $15 million, or about 34.66 per sf, for the vacant, three-story property built in 1989. Initial plans for a retail and residential project were scrapped, and currently, strictly retail space is planned.

By Melissa Bogdany | Updated on August 31, 2004

CORAL GABLES, FL-Miracle Marketplace LLC has paid $15 million for a 432,787-sf vacant property called Miracle Center in the city which it intends to turn into retail space. The sale price equates to close to 34.66 per sf.The property, currently called Miracle Marketplace, has three stories of vacant space located at 3301 Coral Way. The seller was LightSpeed, a company controlled by Hollywood-based Swerdlow Real Estate Group. Miracle Marketplace was initially slated to consist of both retail and residential components. However, the buyer altered its plans because of the rise in residential development nearby. The buyer’s new plan is to work with James Schlesinger of Talisman Cos. to make the center entirely retail space.”That whole area is in residential development right now,” says Michael T. Fay, president of Abood Wood-Fay Real Estate Group/TCN Worldwide and a broker involved in the sale. “The retail need has grown considerably.” Fay and Larry Stockton, a senior commercial associate with Abood Wood-Fay, represented both the buyer and the seller in the transaction.Fay says he believes the project will be successful as a retail venture, as the area is experiencing growth in retail as well as residential space. “It works,” he says. “I think it will be a great success. It’s perfect for these guys.”The structure is a former mall, which all the tenants had left with the exception of Bally Total Fitness. Swerdlow was converting the property to telecom space; when the industry weakened, Swerdlow sold it, according to Fay.The lot size is 150,849 sf, and the building was erected in 1989. The property was last sold in February 2000 for $20 million, according to the Miami-Dade County property appraiser’s office. The 2004 market value is listed as $16 million.

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