Moxies and Industrious joined the leasing parade to Coral Gables, where 100,000 square feet of space was leased recently on the city’s Miracle Mile and Alhambra Circle, The Real Deal has learned.
The rush to Coral Gables, which includes seventeen recent leasing deals across several of Terranova Corporation’s buildings, stems from demand for attainably priced commercial spaces in suburban areas, investors say.
The deals, signed since November, are valued at $56.4 million in rent collections over the life of the leases.
Coral Gables has experienced an uptick in demand from tenants, especially office users, in recent years, as companies flee high rents in coastal areas to more suburban neighborhoods without sacrificing on amenities and access to retail and restaurants.
While average office rates hit $113 per square foot in Miami Beach and $90 a foot in Brickell in the first quarter, Coral Gables’ average was $62 a foot, according to Savills.
Terranova spotted this trend early. It bought the 255 Alhambra building for $54.4 million in 2023, and then took over the 299 Alhambra building by buying its distressed debt in 2024 and then foreclosing.
Torose Equities, led by Scott Sherman, and Alex Karakhanian’s Lndmrk Development, both based in Miami, partnered on the 255 Alhambra purchase.
“Our investment thesis was, as downtown filled up, and rental rates soared, we thought there was an opportunity,” said Stephen Bittel of Terranova. “That has been borne out in the leasing throughout the market in the last two years.”
Terranova’s asking office rents are about $73 per square foot, gross, with $49 a foot as the net basis and $24 a foot for taxes, insurance and maintenance, Bittel said. Its asking retail rates range from $65 a foot to $95 a foot on Miracle Mile.
“Coral Gables is one of the few markets really driven by local patronage versus tourism,” Bittel said. “It’s a very secure and dependable base to support these tenants.”
The recent leases include a mix of restaurant and office tenants, aligning with Coral Gables’ longtime appeal as a suburban oasis.
Fast-casual fried chicken restaurant Fuku Miami recently opened in a 1,900-square-foot space at 135 Miracle Mile. Also open are wealth manager Janney Montgomery Scott, which leased 2,200 square feet, and logistics industry payment platform PayCargo, which leased 1,700 square feet, both at 255 Alhambra Circle.
In two of the largest deals, Canadian restaurant chain Moxies plans an 18,800-square-foot outpost at 93 Miracle Mile, and co-working firm Industrious leased 22,700 square feet at 255 Alhambra Circle for its first Coral Gables office. Wells Fargo leased 5,900 square feet at 200 Miracle Mile.
Moxies, which leased land, will demolish the existing building and build anew, with opening expected about a year from now Bittel said. This would mark the restaurant’s fourth Florida outpost, following Brickell, Fort Lauderdale and West Palm Beach.
Several of the deals were concentrated in Terranova’s 13-story 255 Alhambra and five-story 299 Alhambra Circle office buildings.
At 255 Alhambra, financial services firm Edward Jones leased 5,700 square feet, luxury residential brokerage Lifestyle Realty leased 2,500 square feet, and Universal Music Group-backed UMusic Hospitality and Lifestyle leased 3,400 square feet. Commercial real estate firm Driftwood Capital, led by Carlos Rodriguez Sr. and Carlos Rodriguez Jr., expanded from 13,900 square feet to 18,500 square feet, according to Terranova.
At 299 Alhambra, New York-style deli Mitch’s Downtown Bagel Cafe leased 2,100 square feet, asset recovery service GovRecover and cosmetic dentist Dr. Marta Gainza each leased 1,000 square feet, and holistic wellness brand Aram Wellness leased 2,400 square feet.
On Miracle Mile, Chewy Vet Care, a clinic backed by e-commerce giant Chewy, leased nearly 3,000 square feet at 212 Miracle Mile. Peruvian luxury fashion brand Sitka Semch leased 2,200 square feet at 330 Miracle Mile. Home linen brand Linen Drama leased 1,100 square feet at 216 Miracle Mile, and court reporting firm Fernandez & Associates leased nearly 600 square feet at 220 Miracle Mile.
Stephen Rutchik and Kevin Gonzalez of Colliers represented Terranova in the 255 Alhambra deals, while Terranova’s Mindy McIlroy and Lauren Robbins worked on the 299 Alhambra deals.
Matthew Cheezem of Cushman & Wakefield represented Industrious. Jeff Gordon of CBRE represented Driftwood, and Ryan Dupaul of Cushman represented Edward Jones. Javier Martin of Blanca Commercial Real Estate represented UMusic, Iker Belauste of JLL Janney Montgomery Scott, and Thad Adams of The Allen Morris Company represented PayCargo.
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