Coral Gables Retail Building Trades For $558 PSF

123 Giralda Avenue traded for $2.3 million, or approximately $558 per square foot.
Patrick C. Kelly of RESF Commercial represented the seller, 123 Giralda LLC, in the sale of the Coral Gables retail building at 123 Giralda Ave. Oscar Gastaudo of Florida Select Realty represented the Buyer, Cara Al Sol LLC, in the transaction.
The retail asset, which totals 4,125 square feet, is located on in the heart of downtown Coral Gables on the famous Giralda Avenue (restaurant row), situated east of Ponce de Leon Blvd and just north of Miracle Mile.
“We had the property under contract within 30 days and the closing was wrapped up in under 45 days in an all cash deal. The new owners plan to preserve the property as an income producing asset,” commented Kelly.
Spizzigo Restaurants occupies approximately 50% of the property. Giralda Cleaners and Hidden Treasures Boutique occupy the remainder of the building.
According to Kelly, “The Coral Gables retail market is one of the most desirable in all of South Florida, given its close proximity to a myriad of well-known restaurants and boutiques as well as high-end residential.”