The Real Deal Miami

Gables Entrance commercial site on the market

Property last sold for $8.3 million in 2006

September 14, 2015 04:30PM
By Katherine Kallergis

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Chase Bank at Gables Entrance and Michael Fay of Avison Young

Chase Bank at Gables Entrance and Michael Fay of Avison Young

A redeveloped retail property on the corner of Douglas Road and Coral Way in Miami is being marketed for sale, Avison Young announced recently. 

Chase Bank, Pei Wei and Chipotle are tenants of the 1.15-acre site, which borders the city of Miami and Coral Gables. Gables Entrace totals 12,778 square feet and is fully leased, according to a press release.

Michael T. Fay, John K. Crotty and Joshua Ladle of Avison Young are the listing agents for the property, which was built in 1970 and recently redeveloped. Avison would not disclose a listing price.

“Gables Entrance is a rare opportunity for an investor to secure a stable cash flowing retail asset in a highly sought after location with one of the highest asking lease rates in Miami-Dade, second only to Miami Beach,” Fay said in the release. “The possibility of long-term redevelopment also makes this a unique value-add investment.”

Coral Way Entrance LLC owns the property. The company, led by Miguel Mouriz, paid $8.3 million for it in 2006, according to Miami-Dade property records. It’s zoned for T6-8 O, which means up to eight stories can be built on the mixed-use site.

“High-street retail such as properties on Miracle Mile are scarcely available and continue to be premier prospects for buyers interested in reliable returns on investment,” Crottysaid. “As current low interest rates are expected to increase causing the uptick in investor activity experienced in the market, we anticipate a significant multi-bid situation within a short time period.”

Across the street, where Coral Way becomes Miracle Mile, the Gables is investing $20 million on its streetscape improvement plans, set to break ground this fall. Upgrades include a curbless Giralda Avenue and the conversion of 45-degree-angled parking to parallel parking.