Starbucks-Anchored Strip In Coral Gables Trades For More Than $1,150/SF
What do a Starbucks and an Asian eatery get you along the South Dixie Highway corridor today? How about more than $1,150/SF.
That eyebrow-raising number was achieved by Gazebo Corp, which just sold 1114 South Dixie Hwy, a 5,546 SF retail strip in Coral Gables with just two tenants: Starbucks and Moon Thai & Japanese Restaurant. The buyer was an investor from Argentina going by the moniker Gem Pyramid.
This is the second South Dixie Highway trade by Colliers International's Marcos Puente (here), who just last month represented the former owner of the historic Fox's Lounge in its sale to another investor.
"The deal highlights the extreme demand for properties in the submarket,” Puente said. “We had 11 offers from multiple private owners, developers and local private equity groups, all above the $6M range. That shows the wide spectrum of buyers who are willing to pay a premium and accept a lower rate of return today to control key properties on South Dixie Highway near the University of Miami and mass transit, where land and retail space is scarce.”
