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

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.