Retail Space At Coral Gables Luxury Condo Sells For $1,000 PSF

Merrick Manor, the luxury mixed-use building developed by the Henry Torres-led Astor Companies, sold its largest commercial space – and Astor’s last retail unit at the building. The 4,488-square-foot unit on Merrick Manor’s ground floor is occupied by high-end retailer Sierra Furniture.

The $4.46 million sale closed for nearly $1,000 per square foot. ONE Sotheby’s International Realty Global Commercial Director Manny Chamizo III, the exclusive sales representative for Merrick Manor’s 20,000 square feet of prime ground-floor commercial space, brokered the sale. Merrick Manor is located at 301 Altara Ave in Coral Gables.

Sierra Furniture, which features pieces crafted by renowned Brazilian furniture maker Sierra Móveis and brought to life by leading interior designer Carla Canepa, operates its only U.S. showroom in the Merrick Manor location. The unit also includes a 1,836-square-foot outdoor terrace.

For Torres and Chamizo, the sale is a testament to their thoughtful curation of Merrick Manor’s ground-floor commercial space. Marketing a substantial portion of the space as the building’s Health and Beauty Corridor, the building is home to a dynamic mix of tenants such as Sweat 440, Anaïs Nails & Spa, Body Details, Merrick Dental, Elegance Beauty Salon and Trésor.

“I am thrilled to close another successful investment sales transaction at Merrick Manor and help Astor complete its sellout of the building’s commercial real estate,” Chamizo said. “The per square-foot price we secured reflects the appeal of Merrick Manor’s location, the quality of the building and strength of the in-place tenant.”

Sierra Furniture opened its Merrick Manor showroom in October 2022 and already has a big local following.

“Merrick Manor truly has no counterpart in the Coral Gables market,” Torres said. “This sale reinforces that point, along with the fact that Sierra Furniture chose our building for its U.S. debut. Merrick Manor is a labor of love for me as a Coral Gables resident and business owner.”

Sam Gaita of Douglas Elliman represented the buyer in the transaction.

Merrick Manor is down to its final collection of available residences at the building.

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative at Merrick Manor.