Coconut Grove retail and office site sells for $14M

Miami /
Jan.January 22, 2015 10:30 AM

Pointe Group Advisors, a Miami-based real estate company, purchased three Coconut Grove parcels last week for $14 million.

The commercial properties, totaling 1.4 acres along Main Highway, were sold by Grover Commercial Enterprises.

“[Pointe Group] has been buying quite a few properties in Coconut Grove,” listing agent Louis Erice of Keller Williams Premier Properties, told The Real Deal.

Tenants include Akashi restaurant, Blu Moon, M Salon, Mission Fitness and Revolution Bicycle Shop, among others. The brokerage, property management, acquisitions and development company is the largest tenant with more than 9,000 square feet of office space.

“We love Coconut Grove and are committed to its success, which drove our decision to buy the asset,” Pointe Group CEO Peter Gardner said in a statement.

The combined lot size comes out to more than 60,000 square feet, which includes a 17,000-square-foot parking lot. The three-story buildings were built in 1925 and 1985 and are zoned for retail and mixed-use residential and commercial, Miami-Dade property records show.

Pointe Group’s Grant Savage brokered the transaction for the site, which was once home to Fuddruckers restaurant and the Knife, an Argentinian steakhouse chain.

The sale is another good indicator for the area’s redevelopment.

The neighboring and newly renovated Engle Building at the northwest corner of Main Highway and McFarlane Road has attracted and signed well-known local tenants including Büro Group, Harry’s Pizzeria, Panther Coffee and Clyde Butcher gallery. Arquitectonica re-designed the building. Residential developments in the Grove include Terra Group’s Grove at Grand Bay and Terra and Related’s Park Grove.


Related Articles

arrow_forward_ios
2550 South Bayshore Drive, Coconut Grove (JLL)
Here’s how much Suntex paid for Monty’s Raw Bar and adjacent marina in Coconut Grove
Here’s how much Suntex paid for Monty’s Raw Bar and adjacent marina in Coconut Grove
Jorge Pérez with One Park Grove (Getty, Robin Hill)
Related developer Jorge Pérez buys condo at one of his Miami projects
Related developer Jorge Pérez buys condo at one of his Miami projects
Stephanie & André Dua with 3829 Stewart Avenue, Miami. (LinkedIn via Stephanie Dua, Mckinsey & Company, Lifestyle Production Group for ONE Sotheby’s International Realty)
Ceres Global Advisory founder sells Coconut Grove home
Ceres Global Advisory founder sells Coconut Grove home
Fuse Group CEO Eyal Peretz and Metronomic's Ricky Trinidad with 3364 Oak Avenue (Photo via Google Maps; Fuse; Metronomic)
Bankruptcy judge paves way for Metronomic property auction
Bankruptcy judge paves way for Metronomic property auction
3608 Stewart Ave, Miami (Redfin)
Entity tied to private equity firm buys Coconut Grove spec home for $5M
Entity tied to private equity firm buys Coconut Grove spec home for $5M
3187 Royal Road, Coconut Grove (Realtor)
Ransom Everglades sues developer Caroline Weiss over backyard boat dock
Ransom Everglades sues developer Caroline Weiss over backyard boat dock
Matthew B. Gorson and One Park Grove (Google Maps)
Greenberg Traurig chairman pays $7M for One Park Grove condo
Greenberg Traurig chairman pays $7M for One Park Grove condo
Kelly Beam, Ricky Trinidad , and 3265 Bird Avenue (Credit: Google Maps)
Miami developer Metronomic files for bankruptcy
Miami developer Metronomic files for bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...