The Real Deal Miami

Starbucks, Moon Thai site on South Dixie Highway in Coral Gables for sale: $7M

Tenants will generate a net operating income of about $307,500 for the first year
Aerial view of the Coral Gables property and listing agent Marcos Puente

Aerial view of the Coral Gables property and listing agent Marcos Puente

A popular University of Miami hangout along South Dixie Highway in Coral Gables is now for sale after more than 50 years under the same ownership.

The building, occupied by Starbucks and a Moon Thai & Japanese restaurant, is on the market for $6.9 million, listing agent Marcos Puente told The Real Deal.

Starbucks has 1.5 years left on its lease, while Moon Thai has 7.5 years left, according to marketing materials. Together, they have a net operating income of about $307,500 for the first year.

The 5,546-square-foot building, at 1114 South Dixie Highway, was developed in 1955 and sits on a 15,000-square-foot lot. Property records show Konhauzer Inc. is the owner. Previous sales information is not available online, but Puente said it’s been with the same owner for more than 50 years. Jeffrey J. Weiss heads Boca Raton-based Konhauzer, corporate records show.

The property in Coral Gables is separated from the University of Miami by U.S. 1 and Ponce de Leon Boulevard. The U.S. 1 corridor has been heating up with increased commercial activity and new projects over the past few years.

In April of last year, a group of investors paid $16.5 million for Riviera Plaza, a two-story, mixed-use shopping center at 1541 South Dixie Highway. There, the Gadinsky Real Estate, Echion USA and 13th Floor Investments partnership has submitted plans to the city for a new Publix store. Closer to the Shops at Sunset Place, a Wendy’s on the corner of Red Road and U.S. 1 sold for $9 million, also last year. Puentes, who’s active along the corridor, brokered that sale.