Jim Ferraro sells Randazzo’s building on Miracle Mile to liquor company for $5.5M

Jim Ferraro sells Randazzo’s building on Miracle Mile to liquor company for $5.5M

Friday, December 9, 2016
375 Miracle Mile, Jim Ferraro and listing broker Thomas Byrne

375 Miracle Mile, Jim Ferraro and listing broker Thomas Byrne

Attorney Jim Ferraro has sold the former home of Randazzo’s, a corner building on Miracle Mile in downtown Coral Gables, for $5.5 million.

Records show Ferraro sold the two-story, 6,574-square-foot building at 375 Miracle Mile to Zoila Del Hoyo Aguado Corp., a company controlled by Adriana Selene Estrada Vazquez and David De Oliveira Sechi, both tied to beverage/liquor companies. The $5.5 million includes the liquor license, listing broker Thomas Byrne of EWM told The Real Deal. The building closed for $5.36 million, or $815 per square foot, which is in line with recent trades on the Mile.

Ferraro, an attorney who specializes in class action mesothelioma cases, hired Byrne to list the building in August for $5.9 million. Byrne said he received a lot of interest in leasing the property from restaurants than he did sale offers. Randazzo’s, a once-popular Italian restaurant, closed earlier this year. The buyer plans to operate a bar and office, but Byrne declined to disclose more information. Juan De Jongh of Colfax Realty Group represented the buyer. He could not immediately be reached for comment.

Vazquez is the general manager of Zignum Mezcal, according to her LinkedIn profile.

Ferraro’s Miracle Mile Inc. paid $3 million for the property in 2005, records show. Built in 1953, the building was renovated in recent years and includes a surface parking lot in the rear.

The property is at the northwest entrance of Miracle Mile, a retail street that’s in the midst of significant construction. The city of Coral Gables is investing millions of dollars into the Mile and Giralda Avenue to the north, adding improvements that will widen sidewalks, add trees and new streetlights, and convert angled parking to parallel parking. Initially slated to be completed by the end of this year, the project still has a ways to go, facing a management hiccup in recent months and hurting pedestrian traffic to stores and restaurants on both streets, according to business owners.

Regardless, property values are up. In June, Gadinsky Real Estate, Gadinsky Real Estate, 13th Floor Investments and Echion USA purchased the Navarro building at 93 Miracle Mile for $7.65 million, a price that breaks down to about $841 per square foot.

Ferraro has one more Gables property to sell. In August, he also listed his nearby Coral Gables penthouse at the Segovia Tower for $10.5 million.


Source: The Real Deal