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

TRD MIAMI /
Aug.August 31, 2016 12:00 PM

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.


Related Articles

arrow_forward_ios
500 Marquesa Drive (Credit: Realtor)

Former hedge funder sells waterfront home in Coral Gables for $8M

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Manny Machado and Chad Carroll with 20 Tahiti Beach Island Road (Credit: Getty Images and Douglas Elliman)

Buyer revealed: Baseball player Manny Machado buys Tahiti Beach Island manse

Chad Carroll with 20 Tahiti Beach Island Road (Credit: Redfin)

Tahiti Beach Island manse sells for half its original ask

Daniel Crann and Timothy Peterson (Credit: iStock)

Movers & Shakers: Colliers taps development services head, Altman promotes COO & more

Steven Hurwitz and Doug Okun

Former CREC brokers join JLL as managing directors

AmTrust office building at 2701 Ponce de Leon in Coral Gables

AmTrust Bank building sells in Coral Gables

Allen Morris and Miracle Mile (Credit: Wikipedia)

Mixed-use projects in downtown Coral Gables will fuel population and commercial tenant growth: panel

arrow_forward_ios