Assemblage near Coral Gables hits the market for $5.5M

A group of Miami property owners is banding together to sell an assemblage near Coral Gables for $5.5 million, or nearly $160 per square foot for the land.

Three owners have listed their 34,775-square-foot assemblage on Le Jeune Road in Miami, Miguel Pinto, a commercial real estate adviser at Engel & Völkers Miami, told The Real Deal.

The four sites are at 4200 and 4214 Southwest Third Street, 4219 Southwest Fourth Street and 390 Southwest 42nd Avenue. The assemblage hit the market on Wednesday, Pinto said, and he’s received interest from a self-storage developer so far.

The properties are zoned T-6-8-O, which allows for 150 residential units per acre, FT-T3L and FT-T4L. Pinto said a developer could request a zoning change with the potential for mixed-use, apartments, self-storage, a bank, retail or office project.

All-USA Insurance, an owner-occupied insurance company, is in the office building at 4200 Southwest Third Street. Two single-family homes and an apartment building are currently on the other lots. Records show Gilberto Padin, Carlos and Isabel Salcedo, and Esperanza Diaz own the properties.

Pinto told TRD he and the larger landowner approached the others about assembling the buildings for sale. He cited three recent sales in the area, ranging from $75 per square foot to $222 per square foot. The latter was for a 22,484-square-foot vacant lot at 4196 West Flagler Street in early 2015. And late last year, the 8,395-square-foot commercial property at 246 Northwest 42nd Avenue sold for $116 per square foot.

The Le Jeune assemblage is southeast of Miami International Airport, and northwest of Coral Gables. About a mile away, a pair of Miami developers paid about $85 per square foot for a restaurant building in Little Havana with plans to replace it with apartments.

Farther south on Le Jeune in Coral Gables is a new Aloft hotel, currently under construction at 2524 Le Jeune Road.