A fund advised by the New York-based asset management arm of Zurich Insurance Group Ltd. bought the retail portion of a Coral Gables mixed-use building for $46.75 million.

A fund advised by Zurich Alternative Asset Management LLC bought the 59,694-square-foot Plaza San Remo on Red Road south of U.S. 1 from PGIM Real Estate, a New Jersey-based real estate investment arm of Prudential Financial Inc. The deal closed Thursday at $783 a square foot.

Plaza San Remo is the ground-floor retail at 6701 Red Road in a seven-story property with offices and a parking garage.

The retail portion has stood its ground against threats to the industry, including e-commerce growth and more recently massive closures of nonessential businesses during the coronavirus pandemic.

The building is anchored by a Whole Foods store, and grocery stores are one of the few businesses to stay open during the two-month economic slowdown.

The other tenants are children's health care provider Pediatric Associates and OXXO Care Cleaners. Both have long-term leases at Plaza San Remo, which was completed in 2007.

This is the second investment in Zurich Alternative Asset Management's newly raised third-party fund, Sean Bannon, managing director and head of U.S. real estate for Zurich, said in a news release.

"The physical, locational and tenancy features will do well for our international investors, offering them an attractive yield, term and credit," Bannon added. "We anticipate this will be a long-term hold for us as we continue to invest in South Florida."

JLL, which represented the seller, boasted about the location in affluent Coral Gables near the Metrorail and major employment centers including South Miami Hospital and the University of Miami.

The nearby residential base is over 111,500 people with an average annual household income of more than $135,000, according to a JLL news release.

"The fantastic credit tenancy, core Coral Gables location and outstanding tenant sales performance made Plaza San Remo a highly desirable asset by investors and an unparalleled core investment opportunity," JLL senior managing director and retail practice co-head Danny Finkle in Miami said in a statement.

Finkle represented the seller along with JLL managing director Luis Castillo and director Eric Williams, also in Miami.

Prudential Financial, the parent company of seller PGIM Real Estate, is a publicly traded company based in Newark, New Jersey, with operations in insurance, investment management and other financial services to retail and institutional clients.

Zurich Alternative Asset Management invests on behalf of Zurich affiliates throughout the world, and its services include asset allocation, investment selection and management of hedge funds, U.S. real estate and private equity, according to its website.

Its parent Zurich Insurance Group, based in Zurich, is publicly traded and Switzerland's biggest insurer.