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| Plaza San Remo anchored by Whole Foods-anchored retail condominium 6701 Red Road, Coral Gables, FL |
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| Danny Finkle |
MIAMI, FL – HFF announced it has closed the sale
of Plaza San Remo, a Whole Foods-anchored retail condominium in Coral
Gables, Florida.
HFF
marketed the property on behalf of the seller, LIC Coral Gables Retail, Inc., a
German investment group advised by Phoenix Property Company of Dallas,
Texas. An institutional investor
purchased Plaza San Remo for $38.7 million free and clear of debt.
Completed in 2007, Plaza San Remo is the retail component of
a seven-story, 180,000-square-foot mixed-use development that includes retail,
medical office condominiums and a 739-space parking garage.
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| Luis Castillo |
Located at 6701
Red Road, the 99 percent leased property is across from The Shops at Sunset
Place and just south of U.S. Route 1 in Coral Gables.
The
HFF investment sales team representing the seller was led by senior managing
director Danny Finkle, director Luis Castillo and senior real
estate analyst Kim Flores.
“Plaza San Remo’s combination of top tier tenancy and irreplaceable
location in the heart of one of South Florida’s premier residential, retail and
office submarkets, made this a highly coveted investment opportunity,” said
Finkle.
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| Kim Flores |
HFF’s
investment sales team secured more than $1.7 billion in sales of retail assets
nationally through the third quarter of 2013.
In Florida, HFF has capitalized more than $475 million in retail
transactions across all capital markets platforms during the same period.
Phoenix Property Company is a nationally-recognized, diversified real
estate company with developments and investments in major cities across the
United States. Based in Dallas, Texas,
Phoenix Property Company has grown extensively throughout the last two decades,
diversifying into the development and acquisition of college student housing
communities, as well as the acquisitions and asset management of commercial
properties.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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