Coconut Grove Retail Sells for Twice 2013 Price

MIAMI—Grand Corner, a 28,731-square-foot retail building in Coconut Grove, FL, has traded hands. The sale price more is more than double the purchase price from less than three years ago. RKF managing director Benjamin Mandell represented the buyer, L3 Capital , in the $23 million transaction. The seller, Grove Corner , a partnership led by Peter Gardner , purchased the retail property in June 2013 for $10.5 million. “Coconut Grove has evolved to become one of Miami’s most desirable retail submarkets, and L3 will certainly benefit as investors and developers continue to provide significant capital for remodeling and reimagining the neighborhood,” says Mandell. “South Florida’s retail sector continues to become one of the most relevant real estate segments of any of America’s gateway cities, and L3 Capital is playing an important role in transforming this historic neighborhood into a prominent shopping and dining destination. Their plan is to re-lease the building, and bring the tenant mix more in line with the neighborhood’s cool, hip foodie scene.” Located at 3034 Grand Avenue in Miami’s Coconut Grove neighborhood, the retail property sits at the epicenter of Coconut Grove, where the main three thoroughfares—Grand Avenue, McFarlane Road, and Main Highway—converge directly in front of the building. Built in 1925, the retail property is on a 22,236-square-foot lot directly across the street from CocoWalk, an open air shopping mall that was recently acquired by Federal Realty Company for $87.5 million. “International retailers looking to Miami as a potential US entry point are often drawn to the idea of opening locations along High Streets and in emerging neighborhoods, as opposed to enclosed malls,” Chris Weilminster , executive vice president and president of the Mixed-Use Division for  Federal Realty Investment Trust , tells GlobeSt.com. “This trend is consistent with what we’re experiencing across the country, but the tenant mix in Miami is distinctly international.” Grand Corner is on the other side of McFarlane Road from the Engle Building, owned by Bernardo Fort-Brescia, principal of renowned Miami architecture firm Arquitectonica. Victoria’s Secret, Cinépolis Movie Theatre, Panther Coffee, Kit and Ace, Aesop and Harry’s Pizzeria are among the neighboring retailers. Miami’s historic Coconut Grove neighborhood was founded in 1873. The area has thrived as an eclectic, bohemian area favored by writers, artists and musicians who flock to its restaurants, coffee houses, galleries, parks and neighborhood holiday celebrations.