Miami, FL – September 9, 2015 – (RealEstateRama) — CBRE arranged the sale of a two-story, bank-anchored historic property boasting a coveted Alhambra Circle address in Coral Gables, Florida. Redavi, LLC acquired the 4,044-square-foot mixed-use building at 270 Alhambra Circle from Lotus-Sutra Corp. for $2.25 million. The property is 50% occupied by anchor tenant, Eastern National Bank. CBRE represented the seller in the transaction.
In addition to enjoying the upside of appreciable rents, land and corresponding building values, the new owners also have the opportunity to either monetize the transfer development rights from this historically significant property or potentially develop an additional floor on the property while preserving the original character of the building.
“This acquisition demonstrates a continued international appetite for well-located boutique assets with in-place cash flow and upside potential,” said Miguel Alcivar of CBRE’s Investment Properties. “An infill property such as this one will continue to benefit from Coral Gables’ ongoing urbanization, and the impact of several other large infill mixed use projects that are further establishing its 24/7 ‘live work play’ environment.”
Built in 1925 and renovated in 2010, the two-story Mediterranean-style property on a 2,500-square-foot site was designed by famed architect H. George Fink. “In addition to benefitting from a concentration of professional businesses nearby, including Eastern National Bank on the 1st floor, the location is within easy reach of the Coral Gables trolley transit system, multiple residential options, and an exceptional amenity base that includes upscale dining, shopping, and hotels,” said Danny Diaz of CBRE’s Retail Services group.
CBRE’s Scott O’Donnell, Dominic Montazemi, and Paco Diaz collaborated with Mr. Alcivar and Mr. Diaz in representing the seller. The buyer was represented by Aquiles Torrealba of Premier Global Brokers.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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