Miracle Mile Mixed-Use Asset Hits Market at $15.5 Million
CORAL GABLES, Fla., Aug. 17, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap, is pleased to announce it has been retained as the exclusive advisor for the sale of 475 Biltmore, a 49,869-square-foot medical office building with ground floor retail situated at the entrance of the Miracle Mile shopping district in Coral Gables, Florida. The price is $15.5 million.
“The property offers excellent income stability and value upside through the lease-up of the vacant medical suites and conversion of the existing retail leases to net leases as they roll over,” says Douglas K. Mandel, senior managing director. “The building is currently 68 percent occupied by a collection of established medical and retail tenants.”
Mandel and Benjamin Silver, director, both in Marcus & Millichap’s Fort Lauderdale office, are representing the seller, a local private investment group.
The property is located at the intersection of Biltmore Way and Hernando Street on slightly less than one-half-acre with more than 300 feet of prime frontage across from Coral Gables’ live-work-play area, Miracle Mile. Downtown Miami, Coconut Grove, the University of Miami, the Shops at Merrick Park, and Miami International Airport are all close by.
“Miracle Mile has long been one of the most desirable commercial corridors in Miami,” adds Silver. “With streetscape improvements and a host of nearby large-scale developments underway, Coral Gables is destined to remain one of the most sought-after urban markets in the country.”
Built in 1960-1963 and renovated in 2016, 475 Biltmore Way consists of approximately 15,000 square feet of high-street retail space and 35,000 square feet of medical office space.