MIAMI– HFF announced today that 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. 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.
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.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information, please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.