Gables commercial building sells for $3 million

Avison Young represented the seller, who got $623 per square foot for the property

Dec.December 03, 2016 10:30 AM
178 Giralda Avenue, Coral Gables

178 Giralda Avenue, Coral Gables

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.

Avison Young said in press release that lower office and retail vacancy rates are encouraging owners to list other commercial properties in Coral Gables for sale.

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.

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