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Whole Foods Retail Condo Gets $31M

CORAL GABLES, FL-The 59,155-sf space at Plaza San Remo is sold to a German institutional investor.

By Crystal Proenza | Updated on July 02, 2008

(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.

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