Metro Commercial founder pays record price for Old Cutler Bay home
Home sold for $10.4M, beating the previous $9M record sale in the neighborhood
Dan Hughes, a founding principal of the retail brokerage Metro Commercial, just paid $10.4 million for a waterfront mansion in Coral Gables.
The 8,300-square-foot home at 9375 Balada Street traded hands for about $1,254 per square foot. The sale marks the priciest deal within the exclusive Old Cutler Bay neighborhood, which consists of 136 homes on more than 150 acres. The previous record sale for the neighborhood was $9 million in 2011, according to a spokesperson for EWM Realty International.
Jose I. Garcia and Elizabeth J. Garcia are the sellers. The couple paid $2.82 million for the property in 2012, records show.
Dennis Carvajal of One Sotheby’s International Realty had the listing. Jessica Adams of EWM’s Riley Smith Group brought the buyer.
Hughes is chairman and principal of Philadelphia-based Metro Commercial, which has several offices, including one in Miami’s Brickell neighborhood. The company represents more than 430 properties with 32 million square feet and specializes in project leasing and landlord representation, among other services. According to its website it represents at least 140 retailers, including Dave & Buster’s, PetSmart, European Wax Center and Orangetheory Fitness.
The six-bedroom, seven-and-a-half bathroom home sits on a 22,329-square-foot lot. It was built in 2015 and was designed by architect Cesar Molina. Features include floor-to-ceiling windows, a home gym, theater room, pool and dock.
Hughes joins a list of CEOs and celebrities that call Coral Gables home, including singer Marc Anthony and Juan Blazquez, who founded the famous Cuban cracker company, Gilda Crackers.