Gables Retail Asset Trades For $469 PSF

Marcus & Millichap‘s Doug Mandel and Benjamin Silver arranged the sale of Santona Corner, a 37,130-square-foot retail property with a private parking garage composed of 159 spaces, located in Coral Gables.
The asset sold for $17,400,000, which equates to $469 per square foot.
Mandel, a first vice president investments, and Silver, an associate vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, procured a buyer for the property on behalf of the seller.
“This was an opportunity for an investor to acquire a trophy retail asset across from the University of Miami with prominent and high exposure on busy U.S. 1,” says Silver. “The distinguished building was designed by Mateu Architecture and offers its tenants an upscale modern façade.”
Santona Corner is located on the corner of South Dixie Highway (U.S. Route 1) and Santona Street at 1430 South Dixie Highway.