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

Aug.August 31, 2016 12:00 PM

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

Chad Carroll, Matthew Dugow and Liz Hogan with 8750 Ponce de Leon Road (Credit: Douglas Elliman)

JP Morgan managing director buys mansion near Coral Gables

Henry Torres and Merrick Manor

Merrick Manor hires Berkshire EWM to take over sales

From left: Phil Gutman, Camilo Lopez and Herve Barbera, with Ofizzina

Bar Invest Group buys office condos in Coral Gables, plans new HQ

Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables

Greystar’s Bob Faith, The Mile (Credit: BuzzBuzzHome)

Greystar sells The Mile apartments for $40M

6855 Sunrise Drive (Credit: Google Maps)

Financier drops $13M for waterfront Coral Gables estate

Liz Hogan and 21 Casuarina Concourse

The biggest piece of land in Gables Estates just hit the market for $50M

A rendering of CocoWalk (Credit: iStock)

Sweetgreen expanding to Florida with first locations in Miami