Historic downtown Coral Gables building trades hands

290 Aragon Avenue
290 Aragon Avenue in downtown Coral Gables

One of the City Beautiful’s oldest commercial buildings sold for nearly $2 million, Sperry Van Ness Commercial Realty announced Monday.

Tenants of the 4,933-square-foot building at 290 Aragon Avenue in Coral Gables include Space Coast Credit Union and a bookstore/gift shop. It was built in 1924. The property was the original site for Books & Books, and was the focus of a 1998 lawsuit Books & Books owner Mitchell Kaplan filed against his uncle, Julius Ser, seeking dissolution of their partnership.

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Ser and his wife Mildred Ser sold the 5,360-square-foot site. Its last recorded sale price was $425,000 in 1984, according to Miami-Dade County property records, although it has traded hands since then.

John C. Lonardo of Sperry Van Ness brokered the $1.96 million deal.

The buyer, 290 Aragon LLC, plans to renovate the building and lease the corner retail space and second floor loft office suite. Raymond Valori is listed as a manager on the buyer’s corporate filings.