Mixed-use building near Miracle Mile in Coral Gables hits market for $15.5M

475 Biltmore Way breaks down to 35,000 sf of medical office space and 15,000 sf of retail space

TRD MIAMI /
Aug.August 18, 2017 03:15 PM

475 Biltmore Way Inset:Leonard Boord

UPDATED August 22nd, 5:00 p.m.: A mixed-use medical building near Miracle Mile in Coral Gables just hit the market for $15.5 million, according to a release.

Marcus & Millichap’s Institutional Property Advisors is listing the nearly 50,000-square-foot medical office building at 475 Biltmore Way. Douglas K. Mandel and Benjamin Silver are representing the seller. Records show Altis 475 LLC, led by Leonard Boord and Ingrid Morales, bought the property in 2011 for $5.9 million.

Built in 1963 and renovated in 2016, 475 Biltmore Way, breaks down to 35,000 square feet of medical office space and 15,000 square feet of ground floor retail space. It’s 68 percent leased and currently occupied by small medical offices, according to the release.

The three-story building between Biltmore Way and Hernando Street sits on a nearly an acre, records show.

Boord owns Slon Capital, a Miami-based private investment firm. The company has helped invest more than $70 million in multifamily and medical offices, according to its website. Boord was involved in leasing for the Somi Center in South Miami, where the Miami-based coworking space Büro Group has a 13,000-square-foot lease.

Overall, the office market in Miami-Dade is tightening. Vacancy rates fell 0.3 percent from the previous quarter to 9.4 percent, according to a second quarter Colliers Report. The area is expecting more redevelopment – it’s in the midst of a long-delayed $21 million streetscape project along Miracle Mile and Giralda Avenue. – Amanda Rabines 

Correction: A previous version of this article incorrectly identified Slon Capital as the owner. 


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

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

AmTrust office building at 2701 Ponce de Leon in Coral Gables

AmTrust Bank building sells in Coral Gables

arrow_forward_ios