Mixed-use property on US 1 in Coral Gables fetches $16.5M

Riviera Plaza, a two-story, mixed-use property on South Dixie Highway in Coral Gables, has sold for $16.5 million, and may be redeveloped as a retail and residential site, The Real Deal has learned.

Roberto Susi, principal of Axiom Capital Advisors, told TRD he brokered the off-market sale of the 55,161 square-foot mixed-use property, located at 1542 South Dixie Highway. Susi represented the buyer, Riviera Holdings Plaza, LP, a partnership between Gadinsky Real Estate, Echion USA and 13th Floor Investments.

Susi said the buyers are considering a mixed–use redevelopment with a residential component. The building, built in 1955 and located in front of the University of Miami, has more than 320 feet of frontage on South Dixie Highway. The seller is the M Leff-L Martin-M Herstik- M Herstik Trust.

“This type of property is very hard to come by on a prime street such as South Dixie Highway, being that it is located near the University of Miami,” Susi told TRD. “Where can you find a 55,000-square-foot piece of land on South Dixie Highway these days for redevelopment?”

Current tenants include Misha’s Cupcakes, My Yogurt Bliss, Gables Pizza & Salad and Subway, as well as various office tenants.

Jacob Roffman, principal of 13th Floor Investments, told TRD that long-term tenant leases are in place, and “down the road,” redevelopment is an option.

“In the current market cycle we are focused on buying what we consider prime property in urban infill locations in Miami, and we had the opportunity to partner with Seth [Gadinsky] on this one, who initially sourced the transaction,” Roffman said. “We looked at it first and foremost as an income producing project in a can’t miss location in proximity to the University of Miami and frontage on U.S. 1, and we think there is a lot of potential with the existing asset.”