Investment Overview

Marcus & Millichap is pleased to present for sale the Blue Grotto Plaza at Fountainebleau in the center of Miami-Dade county. Blue Grotto is comprised of 11,890 Square Feet of multi-tenant retail space. Currently, the property is 94% occupied and offers over 68 Parking Spaces, 4.40 Spaces per 1,000 Square Feet. The Blue Grotto was built in 1973/1980 and recently renovated with a new roof in 2023 and is constructed as a Twin T Concrete Roof Structure. The plaza has great Curb Appeal as it sits on a Signalized Intersection with 2 Curb Cuts allowing for ease of Ingress and Egress. The tenant mix serves the surrounding neighborhoods as it includes Food & Beverage and Service Oriented tenants. The Blue Grotto Plaza benefits from a lack of supply of retail along corridor as it is the only retail strip inside the Fontainebleau Blvd. Additionally, there are over Six Thousand Apartment Units within half a mile and 37,316 People within half a mile. Due to these factors, Six out of Ten tenants have occupied their spaces over Ten Years, some over Twenty Years. All Leases are structured as Triple Net as each Tenant pays their Pro-Rata Share of any Increases in Taxes and Insurance deduced from their Base Year. All Tenants pay their complete Pro-Rata share of Common Area Maintenance. Fontainebleau, located in Miami-Dade County, is distinguished by its high-density urban landscape, supported by a network of office buildings that underpin its thriving retail sector. Situated in close proximity to Miami International Airport, Fontainebleau benefits from extensive exposure to both domestic and international travelers, fostering a vibrant commercial ecosystem.