The Real Deal Miami

CGI buys part of 55 Miracle Mile for $26.8M

October 24, 2013 03:00PM


55 Miracle Mile in Coral Gables (Inset: Douglas Mandel)

Miami-based financial services company CGI Merchant Group paid $26.75 million for retail, office space and a 400-spot parking garage at a Coral Gables condominium building, according to a spokesperson.

The property, 55 Miracle Mile, contains 184 condo units, but the residential component was not for sale. CF Miracle Mile LLC instead sold 65,242 square feet in retail and office space on the ground, second and third floors. Commercial tenants include Ben & Jerry’s, HSBC Bank and Cibo Wine Bar.

Douglas Mandel and Benjamin Silver, both of Marcus & Millichap, represented the seller. Starwood Capital Group built it in 2004; all condo units were sold within a year. — Mark Maurer