Property Listing No Longer Available for Sale

116 Alhambra Circle, Coral Gables, FL

Office for Sale - $5,495,000 - 24,452 Sq. Ft. on 0.39 acres


Property Info

CIMLS#873740
Location
  116 Alhambra Circle
  Coral Gables FL 33134
UpdatedOctober 29th, 2016
TypeOffice
Price$5,495,000
Building24,452 Sq. Ft.
Land0.39 acres

Property Description

The "La Palma Building" one of Coral Gables most important Mediterranean Revival historic buildings offers a user or investor the opportunity to re-purpose +/- 19,000 Sq. Ft. of interior space centered around a European courtyard on two floors. The buildings U-Shaped plan and multiple windows radiate 360 degrees of natural light into all of its spaces.The "La Palma Building" features multiple points of entry. The entrance on primary artery Alhambra Circle serves as a focal entry point to the building spaces. The distinctive gated entrance on Galiano St. passes through a beautifully landscaped courtyard with mature trees and water fountain leading to entrances to ground and second floor tenant spaces. The "La Palma" restaurant operates seven days per week. It currently produces $168,265. in net income. Complete Offering Memorandum Available Upon Request.

Location Description:

The "La Palma" is located in the Coral Gables Business & Finance District in the City of Coral Gables centered between class "A" office buildings, flag hotels, shopping, restaurants and residential neighborhoods. The "Miracle Mile" retail district and "Giralda Restaurant Row" which are the focus of major "Street Scape" renovation and beautification projects, to commence in the first quarter of 2016, are in easy walking distance from the property.

A new multifamily rental project will be developed next door to "La Palma" by Coral Gables Residential REIT. A 189 unit luxury condominium with 13,000 Sq. Ft. of retail space across the street at 33 Alhambra Circle is planned by Hollo Development.

ECONOMIC IMPACT:

The City of Coral Gables is currently going through a development renaissance with over 46 developments either in construction, permit or planned. These projects consist of multifamily, mixed, retail, hotel, UM Medical Center

Highlights:

>> Historic Coral Gables Landmark Building

>> Located in the Coral Gables Central Business District, Corporate HQ's, Shopping Districts, Restaurants

>> Located near 5 million Sq. Ft. of Office Space & 1 Million Sq. Ft. of Retail Space

>> Two Blocks from The "Miracle Mile" and Giralda "Restaurant Row" now undergoing major "StreetScape" Design Improvements commencing in April 2016

>> Commercial Zoning Permits, Offices, Retail & Hospitality

>> ECONOMIC IMPACT:

>> The City of Coral Gables is currently going through a development renaissance with over 46 developments either in construction, permit or planned. These projects consist of multifamily, mixed, retail, hotel, UM Medical Center

* Email for additional photos


Financials

Sales Info:

>> Commision split: 2.0%