The Real Deal Miami

Texas developer picks up Coral Gables buildings for $11M

Tenants include Miami Piano Academy, Bike Werx, Blooming Jubilee Flowers

April 28, 2015 12:45PM
By Katherine Kallergis

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4015 Laguna Street and 4131 Laguna Street in Coral Gables

4015 Laguna Street and 4131 Laguna Street in Coral Gables

A Texas developer acquired nearly half a block in Coral Gables recently, Miami-Dade County records show. 

Miami-based Merrick Partners sold the 1-acre site on Laguna Street and Altara Avenue, three blocks west of developer Ugo Columbo’s The Collection dealership. The $11 million transaction is a slight increase from its last $10 million sale in 2005 — when prices were still climbing.

The sale includes a one-story 8,600-square-foot office building at 4131 Laguna Street, and a two-story 36,994-square-foot Gables Design Centre building at 4015 Laguna Street. Both were built in 1952 and last sold for $10 million in April 2005, according to Miami-Dade property records.

Gables Design Centre tenants include the Miami Piano Academy, Bike Werx and Blooming Jubilee Flowers.

The buyer, Terrace Mountain Investors, has Colleen Trabold and Frank Trabold listed on its corporate records. Frank Trabold, principal, was also principal of Tonti Properties until 2014, according to his LinkedIn profile. Dallas, Texas-based Tonti Properties develops and manages apartment rental communities.

The seller is affiliated with SGS Gables Properties. Steven G. Schiff is listed on its corporate records. A Four Points by Sheraton is opening soon in the Gables at 3861 Southwest 40th Street.