Coral Gables, Fla., August 7, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the $14.75 million sale of 770 S Dixie Hwy in Coral Gables, FL. The 35,000 square foot, two-story office building is the corporate headquarters for OneSpaWorld, which leases 100 percent of the property. Midtown Capital Partners acquired the asset from a limited liability company with ties to OneSpaWorld. Douglas K. Mandel, senior managing director investments, Benjamin H. Silver, first vice president investments, and Adam Klein, associate, represented the seller and the buyer in the transaction.
“The property at 770 S Dixie is a trophy office investment located across from the University of Miami in Coral Gables with tremendous frontage along S Dixie Hwy, one of Miami’s busiest corridors,” says Benjamin H. Silver. “The asset was highly sought after by a pool of buyers that represented regional investors, national and international buyers looking for stabilized long-term investments” added Mandel.
OneSpaWorld is the largest global operator of spa, salon, wellness and fitness facilities onboard cruise ships and an industry leader in land-based resort spa management. The attractiveness of the tenant and the prominent location were driving factors in the competitive bidding climate. The property is strategically located in Miami, the cruise capital of the world, and is the site of their global headquarters.