A historically significant sliver of commercial property in Coral Gables that’s occupied by a bank was just sold for $2.25 million.
The property, at 270 Alhambra Circle, is a thin two-story building that was first constructed in 1925. It measures 4,044 square feet and has a footprint of only 2,500 square feet, sandwiched between a pair of similarly sized buildings. Its first floor is occupied by Eastern National Bank, which acts as the anchor tenant.
The building was designed by H. George Fink, an architect who was heavily involved in developing the Spanish and Mediterranean style that the “City Beautiful” is known for today.
It was later put on a roster of historic places by Coral Gables, and was renovated in 2010.
The seller is Lotus Sutra Corp., a company managed by Sylvia, Alejandro and Maria Riquezes. The family paid $1.7 million for the property in 2012, which equated to roughly $420 per square foot of interior space, according to property records.
Now, an LLC named Redavi has paid roughly $556 per square foot for the building. The company is managed by Fabian Ponce of Miami.
A news release about the sale said that its new owner could build an additional floor on the property, or monetize the property’s development rights.
“This acquisition demonstrates a continued international appetite for well-located boutique assets with in-place cash flow and upside potential,” Alcivar said in the release. “An infill property such as this one will continue to benefit from Coral Gables’ ongoing urbanization, and the impact of several other large infill mixed-use projects that are further establishing its 24/7 ‘live work play’ environment.”