Home to Tarpon Bend, Miracle Mile Building Sells For $26.5M
The Miracle Mile home of the Tarpon Bend restaurant in downtown Coral Gables has sold for $26.5 million.
Miami-based CGI Merchant Group LLC on Oct. 18 acquired the 55 Miracle Mile mixed-use building, according to Miami-Dade County records. The company obtained an $18.45 million loan from an affiliate of Los Angeles-based Karlin Real Estate.
The seller of the 65,000-square-foot building is CF Miracle Mile LLC, managed by Irving, Texas-based Fortress Investment Group.
The four-story building includes office and retail space and a parking garage. Tenants include Tarpon Bend, a popular happy hour destination, and Cibo Wine Bar.
CGI Merchant is a private minority-owned investment management and advisory firm. It specializes in commercial real estate investments, alternative asset management and strategic advisory services.
Holland & Knight partners Josias N. Dewey and Mark I. Aaronson represented CGI on the purchase and financing. Firm partner Mark S. Scott and associate Paul S. Lawler assisted with the equity structuring.
Douglas K. Mandel, a first vice president investments in Marcus & Millichap's Fort Lauderdale office, and Benjamin H. Silver, a senior associate in the firm's Miami office, represented the seller.