(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.
"There is no space I would call comparable," says HFF's Finkle when asked about the purchase price for a retail condo in Miami. "It's definitely a unique space to Coral Gables in that regard."
Aaron Butler, director of leasing with Miami Beach-based Comras Co., comments that the price of the retail condo, about $565 per sf, is high for such a large space, but not out of the ordinary for Miami. "We've seen sales as high as $700 per sf on Brickell," Butler tells GlobeSt.com. "For urban locations, which Coral Gables qualifies along with the Downtown and Brickell markets, ground floor retail condominiums average about $500 per sf and up."
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