Home » Uncategorized » Kerdyk Real Estate Completes $4,650,000 Sale of Retail Asset on Alhambra Circle.

Kerdyk Real Estate Completes $4,650,000 Sale of Retail Asset on Alhambra Circle.

News Release – For Immediate Release

Monday, October 12, 2015

Kerdyk Real Estate Completes $4,650,000 Sale of Retail Asset on Alhambra Circle.

Kerdyk Real Estate recently completed the sale of a 10,000 square foot historic retail building in Coral Gables.  The property was the former site of Coral Gables’ first automobile dealer and service center, located on the corner of Salzedo Street and Alhambra Circle.  The building opened in 1922 and was designed by the renowned architect H. George Fink.

The property was owned by C/Alhambra LLC and Kerdyk Real Estate was engaged to lease the space prior to the eventual sale of the building.  The property was purchased by GC 290 Alhambra LLC, and the sale of the building closed on September 30, 2015 for $4,650,000, or $465 per square foot.

Kerdyk Real Estate initially proposed a re-positioning plan for the asset. The plan involved further demising the space into three retail bays from two, and converting a portion of office into retail to maximize the value of the net operating income. The plan was successfully implemented and re-positioning effort made a significant difference in the value of the property to both seller and buyer.

John Guzzo, Senior Commercial Associate at Kerdyk Real Estate, represented the buyer and seller in both the leasing and sale transactions.

Kerdyk Real Estate is a full-service Brokerage Firm specializing in the Sale, Leasing and Management of Commercial Properties.  The Company, which is headquartered at 2631 Ponce de Leon Boulevard in Coral Gables, has been serving the South Florida Community since 1926.  The Company is currently recognized as a commercial leader in Miami-Dade County.

 

For further information, contact:  Kerdyk Real Estate

Telephone:  305-446-2586

William H. Kerdyk, Jr., President/CEO, wkerdyk@aol.com

Betty Cabrera, CRB, CIPS, GRI, Managing Broker, betty@kerdyk.com

John Guzzo, Senior Commercial Associate, j.guzzo@comcast.net

 

  • IDX Quick Search