Redavi has purchased a two-story, bank-anchored historic property in Coral Gables for $2.25 million. Built in 1925 and renovated in 2010, the two-story, 4,044 square-foot Mediterranean style property sits on a 2,500 square-foot site at 270 Alhambra Circle. The seller, Lotus-Sutra Corp, was represented by CBRE. The property is 50 percent occupied by Eastern National Bank.
“This acquisition demonstrates a continued international appetite for well-located boutique assets with in-place cash flow and upside potential,” said Miguel Alcivar of CBRE’s Investment Properties. “An infill property such as this will continue to benefit from Coral Gables’ ongoing urbanization, and the impact of several other large infill mixed use projects that are further establishing its 24/7 ‘live work play’ environment.”
