Brokerage firm Avison Young announced the sale of a mixed-use building in the commercial heart of Coral Gables for $3 million.
Michael T. Fay, the Miami-based principal and managing director of Avison Young, and associate Myles Stepner represented the seller.
The 4,818-square-foot building at 178 Giralda Avenue in the central business district of Coral Gables sold for $623 per square foot.
Fernando Naranjo, principal of The Orange Group, represented the new owner, Santa Maria Real Estate, LLC, a foreign buyer.
The building has a 10.1 percent office vacancy rate, and only 1.1 percent of its retail space I vacant.
For example, the owner has listed the LaSalle Cleaners building, a two-story 10,778-square-foot property at 2341 South LeJeune Road, and has retained Avison Young to sell it.