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Three million dollars for a Miami retail complex may not sound like much. But considering a foreign investor paid the third highest per SF price ever for retail in the Coral Gables CBD, it's a big deal.
Santa Maria Real Estate paid $623/SF for 178 Giralda Ave, a two-story, 4,800 SF mixed-use retail building that's home to Giralda Hair Studio at the corner of Giralda Avenue and Ponce de Leon Boulevard in the heart of Coral Gables.
Avison Young's Michael Fay and Myles Stepner brokered the deal for the seller, while The Orange Group's Fernando Naranjo brokered for the buyer, who wanted a way into the tough-to-enter Coral Gables CBD real estate market. Officials say the barely 1% retail vacancy rate in the area and office vacancies near 10% fueled the price on Giralda.
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