The Real Deal Miami

Jim Ferraro sells Randazzo’s building on Miracle Mile to mezcal company for $5.5M

Buying entity tied to Mezcal company, purchased liquor license as part of deal
By Katherine Kallergis | December 09, 2016 04:30PM

375 Miracle Mile, Jim Ferraro, listing broker Thomas Byrne and Juan De Jongh

375 Miracle Mile. Inset: Jim Ferraro, brokers Thomas Byrne and Juan De Jongh

Updated, 10:50 a.m. Dec. 12: Attorney Jim Ferraro has sold the former home of Randazzo’s, a corner building on Miracle Mile in downtown Coral Gables, for $5.5 million.

Records show Ferraro sold the two-story, 6,574-square-foot building at 375 Miracle Mile to Zoila Del Hoyo Aguado Corp., a company controlled by Adriana Selene Estrada Vazquez and David De Oliveira Sechi, both tied to beverage/liquor companies. The $5.5 million includes the liquor license, listing broker Thomas Byrne of EWM told The Real Deal. The building closed for $5.36 million, or $815 per square foot, which is in line with recent trades on the Mile.

Ferraro, an attorney who specializes in class action mesothelioma cases, hired Byrne to list the building in August for $5.9 million. Byrne said he received more interest in leasing the property from restaurants than he did sale offers. Randazzo’s, a once-popular Italian restaurant, closed earlier this year. Juan De Jongh of Colfax Realty Group’s Doo Realty team represented the buyer, who he declined to identify.

Vazquez is the general manager of Zignum Mezcal, according to her LinkedIn profile.

Ferraro’s Miracle Mile Inc. paid $3 million for the property in 2005, records show. Built in 1953, the building was renovated in recent years and includes a surface parking lot in the rear.

The property is at the northwest entrance of Miracle Mile, a retail street that’s in the midst of significant construction. The city of Coral Gables is investing millions of dollars into the Mile and Giralda Avenue to the north, adding improvements that will widen sidewalks, add trees and new streetlights, and convert angled parking to parallel parking. Initially slated to be completed by the end of this year, the project still has a ways to go, facing a management hiccup in recent months and hurting pedestrian traffic to stores and restaurants on both streets, according to business owners.

Regardless, property values are up. In June, Gadinsky Real Estate, Gadinsky Real Estate, 13th Floor Investments and Echion USA purchased the Navarro building at 93 Miracle Mile for $7.65 million, a price that breaks down to about $841 per square foot.

Ferraro has one more Gables property to sell. In August, he also listed his nearby Coral Gables penthouse at the Segovia Tower for $10.5 million.