Gem Pyramind, an entity controlled by a private investor from Argentina, has picked up a two-tenant retail property along the South Dixie Highway Corridor near the University of Miami. Located at 1114 South Dixie Highway in Coral Gables, the asset changed hands for $6.4 million, trading for $1,154 per sqf. The property consists of 5,546 sqf of retail space on a 15,000 sqf parcel which is fully occupied by tenants Moon Thai & Japanese Restaurant and Starbucks. The current tenants have occupied the property for more than 16 years. Colliers International Vice President Marcos Puente represented the seller Gazebo Corp. during the transaction.
“The deal highlights the extreme demand for properties in the submarket,” Puente said. “We had 11 offers from multiple private owners, developers, and local private equity groups, all above the $6 million range. That shows the wide spectrum of buyers who are willing to pay a premium and accept a lower rate of return today to control key properties on South Dixie Highway near the University of Miami and mass transit, where land and retail space is scarce.”
