ComReal Acquires Coral Gables Building, Plans To Open New Location For Company Expansion

ComReal Miami-Coral Gables has acquired of 51 Merrick Way in Coral Gables, where it will open it’s newest location.
Principals Stephen H. Smith, SIOR, John Lonardo, CCIM and Ed Redlich, SIOR, CCIM purchased the street level office/retail property on October 1, 2015 as CASTANHA XII, LLC.
The purchase price was $690,000, or $415 per square foot.
51 Merrick Way is an office / retail component of 55 Merrick Way, a mixed-use project strategically located in the Coral Gables’ Central Business District. The building offers direct access to the renowned business areas of Coral Gables, including 5 million square feet of commercial office space and 1.5 million square feet of retail space, plus a list of new construction and planned development projects. The location is within one block of the newly approved construction “Streetscape Projects” on The Miracle Mile and Giralda Avenue.
 

“For nearly forty years, ComReal has played a significant role in the commercial real estate industry in South Florida.” states Steve Smith, President of The ComReal Companies. “This new operation in Coral Gables will be of greater convenience to service our clientele seeking office, retail and/or investment properties. In addition, several highly-experienced Realtors have recently joined ComReal due to our growth and expansion strategies.Today’s commercial real estate professionals are operating in “real time”. As such, their office facility, tools and technologies must all support both their clients and their personal livelihoods.”

In introducing ComReal | Miami – Coral Gables, LLC, ComReal is also introducing a new business philosophy by bringing selected, seasoned professionals on board with equity participation in the individual companies as well as equity participation in specific real estate investment ventures such as the acquisition of 51 Merrick.
John Lonardo has assumed a leadership role in ComReal | Miami – Coral Gables.
 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.

Enter your email address: