Coral Gables shopping center sells for $16.5 million

Riviera Plaza in Coral Gables.
Riviera Plaza in Coral Gables. Gadinsky Real Estate

A group of investors paid $16.5 million for a 45,000-square-foot, mixed-use shopping center on South Dixie Highway in Coral Gables on Monday.

The buyers — 13th Floor Investments, Gadinsky Real Estate and Echion USA — will continue to operate the site, called the Riviera Plaza, as it exists today but may redevelop it as a retail and residential property in the future.

Current tenants include Subway, Gables Pizza, Misha’s Cupcakes, and the Riviera Plaza Theatre of the Performing Arts.

“Riviera Plaza is an ideal investment, both for its current value proposition and for its long-term growth potential,” said Arnaud Karsenti, managing principal of 13th Floor Investments, in a statement.

The shopping center has an address at 1542 South Dixie Highway, across from the University of Miami. County property records list the seller as the M Leff - L Martin - M Herstik Trust.