Coral Gables Retail Center Fetches Nearly $370 PSF

In South Florida’s first major retail transaction of 2013, Miracle Marketplace LLC on Jan. 15 sold the nearly 250,000-square-foot center to HART Miracle Marketplace LLC. The special warranty deed was recorded by Miami-Dade County on Friday. No financing was recorded.
The founder and CEO of AWE Talisman LLC, James Schlesinger signed the deed as president of Miracle Marketplace LLC. He confirmed the sale and the transaction details in a Tuesday phone interview, report the Daily Business Review.
HART Miracle Marketplace LLC is managed by Chicago-based real estate investment management firm Heitman Capital Management LLC.
The center was not being publicly marketed when a Heitman executive recently reached out to AWE Talisman representatives about acquiring it, according to Schlesinger. The Heitman executive “called us through our broker and said, ‘We know the center and like it,’ ” Schlesinger said.
Miracle Marketplace, which includes a parking garage, was constructed in 1989 on 3.46 acres. Schlesinger and partners completely rehabbed the center several years ago. The company paid $15 million for the building in July 2004.
That discounted price was critical for the Schlesinger-led group to afford its extensive and complicated redevelopment plan, Schlesinger said.
“We turned the center around from the inside out, making it from an interior mall to a center that has walkways from the outside,” he said. “It was a really difficult engineering feat. I was willing to do it when other developers weren’t willing to really sacrifice to make it work for big-box tenants.”
Source:  DBR



Get the latest industry news and information from CRE-sources delivered right to your email inbox!

And we promise…no more than one email each morning.