Gas distributor sells Coral Gables redevelopment site
Victory Petroleum, a Miami-based gasoline distribution company, sold a 24,000-square-foot commercial property in Coral Gables, Miami-Dade County records show.
In July, an affiliate of Victory sold the 22,209-square-foot office building and adjoining parking lot to 283 Catalonia Realty for $6.1 million. The property, at 283 Catalonia Avenue, is in downtown Coral Gables, just west of Ponce de Leon Boulevard. It’s also six blocks south of Miracle Mile.
The Class B office building was constructed in 1955 and renovated in 2000. It has been listed on Loopnet as a redevelopment opportunity. The property last sold for $4.5 million in 2013, according to Miami-Dade property records.
The buyer is a Miami-based LLC, corporate records show. Jacque Huttoe and James “Chip” Black of the Huttoe Group at Berkshire Hathaway Florida Realty Commercial represented the buyer, which is managed by attorney Ricardo Bajandas. The seller was represented by Ana Lauda “Laly” Rasco and Liz Henriques of Rasco Real Estate Group.
“This iconic building is close to the proposed Mediterranean Village development on Ponce de Leon Boulevard. Small buildings with parking in the Gables rarely become available,” Black said in a statement. “It will cash flow well for the new owners as an office building until economic conditions justify a redevelopment of the property. The way things are going in this part of the Gables, they probably will not have to wait long.”
The building was formerly the executive offices for Mayor’s Jewelers.
Coral Gables is experiencing an influx of new developments, retail and restaurants. Earlier this month, Trust & Co. announced it would open a restaurant and bar at 2 Aragon Avenue. Nearby, 55 Miracle Mile has recently received $1 million in improvements. With 65,000 square feet of office and retail space, tenants include the popular Tarpon Bend restaurant, Cibo wine bar and HSBC.
The city is also undergoing a $20 million downtown streetscape project. City commissioners approved an upgrade plan in August 2014 that calls for more green spaces and improved pedestrian areas, such as wider sidewalks, outdoor dining areas and mid-block parks and plazas.