Miami, FL – December 7, 2015 – CBRE arranged the sale of a single-tenant retail property on the ground floor of the 55 Merrick Condominium mixed-use building located at 20 Giralda Avenue, Coral Gables, in Miami-Dade County, Florida. The street-front property is comprised of a 4,663-square-foot bank plus drive-through lanes currently leased to EverBank. Badajoz Investments LLC purchased the property from Merrick Property Holdings, LLC. CBRE represented the buyer and the seller in the transaction. The purchase price was $4,100,000.
“EverBank has exceptionally strong deposits at this branch in excess of $300 million, which provided the investor confidence in this acquisition and confirmed the strength of this Coral Gables banking location,” said Todd Weintraub, First Vice President with CBRE. “The property is well positioned and fronts Giralda Avenue, which is scheduled to undergo a major transformation as part of the Coral Gables Streetscape project beginning in early 2016.”
Todd Weintraub and Christian Napolitano of CBRE managed the sale. Based in Miami, they are part of CBRE’s Investment Properties group focusing on the disposition of South Florida retail investment properties, including multi-tenant shopping centers, single-tenant net-leased assets and urban/street-front retail investments.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.