(Crystal Proenza is associate editor of Real Estate Florida.)

CORAL GABLES, FL- An institutional investor out of Germany advised by Dallas-based Phoenix Property Co. has purchased a 59,155-sf retail condominium unit occupied by Whole Foods on the ground floor of Plaza San Remo for $31.1 million. The upscale supermarket has a five-year lease with renewal options until 2032 for the space, says John Crotty, senior vice president and partner at Colliers Abood Wood-Fay.

"They're getting substaintial bumps on their lease every five years," Crotty tells GlobeSt.com. Colliers Abood Wood-Fay brokers Crotty, Michael T. Fay and David C. Metalonis, along with Holliday Fenoglio Fowler brokers Danny Finkle and Luis Castro represented the seller, Venera Holdings LLC.

Venera, a local partnership between real estate veterans Ford Gibson and George Scholl, was the original developer of the 180,000-sf Plaza San Remo mixed-use development at 6705 Red Road in Coral Gables. The project, which was completed at the end of last year, includes medical/professional office condos, a 739-space parking garage and the sold ground-floor retail space.