There are a lot of exciting changes happening in Coral Gables, and you have a unique opportunity to be a part of them. According to a recent article from The Real Deal, a retail property located on the corner of Douglas Road and Coral Way is currently for sale. Current tenants include Chase Bank, Pei Wei and Chipotle. The 1.15-acre site borders the city of Miami and Coral Gables giving it the appropriate name of Gables Entrance. The recently redeveloped building was built in 1970, and all 12,778 square feet of space are fully leased.
Coral Gables offers a highly sought after location, leading to one of the highest asking lease rates in the Miami-Dade area, second only to Miami Beach. This means that the purchaser of this property would have a stable flow of retail asset income and the possibility of long-term redevelopment. The property is currently owned by Coral Way Entrance LLC who bought it for $8.3 million in 2006. With zoning for T6-8 O, up to eight stories can be built on the site that is approved for mixed-use. With the rarity of retail site availability along nearby Miracle Mile couples with low interest rates, great interest in this opportunity is expected.
With the $20 million streetscape improvement plan beginning this fall and the addition of several new developments in the area, Coral Gables promises to continue to be a popular destination. For more information, please contact Oceanica Real Estate at (786) 270-1743 or [email protected].