German investor sells Plaza San Remo for $39M

6705 Red Road in Coral Gables
6705 Red Road in Coral Gables

A German institutional investor known as LIC Coral Gables Retail sold retail condominium Plaza San Remo for $38.7 million.

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Whole Foods, as anchor tenant, occupies 59,155 square feet on the ground floor of the site, located at 6701 Red Road in Coral Gables. HFF senior managing director Danny Finkle, senior real estate analyst Kim Flores and director Luis Castillo represented LIC Coral Gables Retail in the deal. Another institutional investor, its name not disclosed, bought the property without debt.

LIC Coral Gables paid $31.1 million for Plaza San Remo in 2008, as previously reported. A seven-story, 180,000-square-foot mixed-use development encompasses Plaza San Remo – which is 99 percent leased — as well as a 739-spot parking garage. [South Florida Business Journal]Mark Maurer