Coconut Grove retail and office site sells for $14M

Combined lot size more than 60K square feet

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.

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