Neighborhood Shopping Center Comes to Market in Suburban Miami
DORAL, Fla., April --, 2020– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive listing of Doral Shops, a 113,354-square-foot neighborhood shopping center in Doral, Florida. The unpriced offering is expected to trade for more than $50 million.
“Located within a high barrier-to-entry market with little-to-no land available for new retail development, the offering presents an experienced operator with an outstanding opportunity to significantly improve operational efficiencies and capitalize on the area’s continued population and economic growth,” said Edward Romo, senior associate in Marcus & Millichap’s Miami office. “The 126,000-square-foot, concrete-reinforced structure sits on six acres with 700 linear feet of frontage on the highly land-constrained Doral Boulevard retail corridor.” Romo and Scott Sandelin, senior vice president, have the exclusive listing to market the property on behalf of the seller, a limited-liability company. “The well-curated tenant mix contains 12 restaurants and several service-oriented tenants that cater to the local community,” added Sandelin. “Many of these businesses are medical or health-related and should a space become available, there is a constant supply of potential new tenants. It’s a well-maintained property with excellent access and visibility within a dynamic retail corridor.”
The two-level shopping center is just west of the Miami International Mall, five miles from Miami International Airport and two miles from Dolphin Mall and the Costa Del Sol Golf Club. Ronald Reagan Turnpike and Florida International University are nearby. The center has 70,000 square feet of ground-floor retail space. The second floor contains almost 40,000 square feet of service retail and office space configured into 26 tenant bays. Doral Shops’ largest tenant is Navarro Discount Pharmacy, a CVS company that occupies 21,000 square feet and recently renewed its lease. The average household income within a one-mile radius of the property is $110,000.
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.