Shopping Neighborhood
Palmetto Plaza
15905-16367 NW 57th Ave, Miami Lakes, FL 33014
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap, acting as the exclusive advisor, is pleased to present for sale Palmetto Plaza (the “Property”), a ±176,000-square foot, ALDI-anchored, retail shopping center located at 15905-16367 NW 57th Ave in Miami, Florida. The Property spans nearly 12 acres and enjoys a third of a mile of direct frontage on Red Road (NW 57th Ave), one of the most highly trafficked retail corridors in Miami-Dade County. Positioned just south of the Palmetto Expressway (SR-826), the shopping center benefits from exceptional visibility and exposure to nearly 200,000 vehicles per day.
Palmetto Plaza features multiple access points, including two signalized intersections, and is strategically located at a highly accessible interchange along SR-826 (Palmetto Expressway). The Property is just 15 miles from downtown Miami, with convenient connectivity to Interstate 95, Florida’s Turnpike and Miami International Airport. The surrounding submarket boasts exceptional demographics, with over 160,000 residents within a 3-mile radius, more than 530,000 residents within a 5-mile radius, and over 6.1 million people in the Greater Miami area. Miami’s strong population growth, dense urban setting, and robust retail demand make Palmetto Plaza an attractive investment opportunity in a supply-constrained market.
Palmetto Plaza is anchored by an ALDI supermarket and features a strong lineup of national, regional, and local tenants, including Dollar Tree, Regions Bank, Sherwin-Williams and Dunkin’ Donuts. The center maintains a healthy occupancy rate of over 95 percent, with long-term leases in place and a current WALT of over four years, providing stable cash flow and minimal near-term rollover exposure. Completed in 2020, the Property has undergone a seven-year revitalization program with $6.2 million in capital and leasehold improvements. Enhancements include new modern facades for all storefronts, re-roofing of approximately 82 percent of the shopping center, installation of two LED pylon signs for 24/7 digital advertising, replacement of outdated HVAC units, ground-up construction of the ALDI store, and site improvements to that parcel - including new paving, striping, landscaping, and upgraded sewer lines.
Palmetto Plaza represents a rare chance to acquire a national-grocery-anchored shopping center in one of South Florida’s most sought-after retail corridors. With strong tenant performance, excellent accessibility, and a proven location, the Property offers both stability and long-term upside potential for investors seeking core-plus or value-add retail assets in a thriving market.
Palmetto Plaza
Investment Highlights
- Grocery-Anchored Stability – The center is anchored by national supermarket ALDI, a high-performing discount grocer, providing consistent foot traffic and drawing a wide customer base.
- Value-Add/Mark-to-Market Opportunity – An approximate 30% mark-to-market rent potential, and a total gain of over 36% including the lease up of the last two spaces.
- Recent $6.2M Capital Investment – The Property has undergone significant renovations, including new facades, updated roofing (82% of the center), LED pylon signage, and new HVAC units.
- Assumable Loan – The current loan on the Property, assumable at Buyer's election, offers an exceptional 3.78% interest rate with approximately 5 years of term remaining, with an approximate balance of $20.3MM.
- Prime Miami-Dade Location – Spanning a third-of-a-mile along Red Road (NW 57th Ave), and covering nearly 12 acres, Palmetto Plaza benefits from exceptional visibility and accessibility in one of Miami's most established retail corridors located just south of the Palmetto Expressway (SR-826) with nearly 200,000 vehicles passing daily.
- Strong Occupancy – Current occupancy of over 95% offers an investor an immediate stable cash flow in a submarket with limited vacancy.
- High-Density, High-Income Trade Area – Over 500,000 residents within a 5-mile radius, with strong household incomes and consumer spending power driving retail demand.
Exclusively Listed By
Listing Price: Request For Offer
Investment Highlights
- Grocery-Anchored Stability – The center is anchored by national supermarket ALDI, a high-performing discount grocer, providing consistent foot traffic and drawing a wide customer base.
- Value-Add/Mark-to-Market Opportunity – An approximate 30% mark-to-market rent potential, and a total gain of over 36% including the lease up of the last two spaces.
- Recent $6.2M Capital Investment – The Property has undergone significant renovations, including new facades, updated roofing (82% of the center), LED pylon signage, and new HVAC units.
- Assumable Loan – The current loan on the Property, assumable at Buyer's election, offers an exceptional 3.78% interest rate with approximately 5 years of term remaining, with an approximate balance of $20.3MM.
- Prime Miami-Dade Location – Spanning a third-of-a-mile along Red Road (NW 57th Ave), and covering nearly 12 acres, Palmetto Plaza benefits from exceptional visibility and accessibility in one of Miami's most established retail corridors located just south of the Palmetto Expressway (SR-826) with nearly 200,000 vehicles passing daily.
- Strong Occupancy – Current occupancy of over 95% offers an investor an immediate stable cash flow in a submarket with limited vacancy.
- High-Density, High-Income Trade Area – Over 500,000 residents within a 5-mile radius, with strong household incomes and consumer spending power driving retail demand.
Investment Overview
Marcus & Millichap, acting as the exclusive advisor, is pleased to present for sale Palmetto Plaza (the “Property”), a ±176,000-square foot, ALDI-anchored, retail shopping center located at 15905-16367 NW 57th Ave in Miami, Florida. The Property spans nearly 12 acres and enjoys a third of a mile of direct frontage on Red Road (NW 57th Ave), one of the most highly trafficked retail corridors in Miami-Dade County. Positioned just south of the Palmetto Expressway (SR-826), the shopping center benefits from exceptional visibility and exposure to nearly 200,000 vehicles per day. Palmetto Plaza features multiple access points, including two signalized intersections, and is strategically located at a highly accessible interchange along SR-826 (Palmetto Expressway). The Property is just 15 miles from downtown Miami, with convenient connectivity to Interstate 95, Florida’s Turnpike and Miami International Airport. The surrounding submarket boasts exceptional demographics, with over 160,000 residents within a 3-mile radius, more than 530,000 residents within a 5-mile radius, and over 6.1 million people in the Greater Miami area. Miami’s strong population growth, dense urban setting, and robust retail demand make Palmetto Plaza an attractive investment opportunity in a supply-constrained market. Palmetto Plaza is anchored by an ALDI supermarket and features a strong lineup of national, regional, and local tenants, including Dollar Tree, Regions Bank, Sherwin-Williams and Dunkin’ Donuts. The center maintains a healthy occupancy rate of over 95 percent, with long-term leases in place and a current WALT of over four years, providing stable cash flow and minimal near-term rollover exposure. Completed in 2020, the Property has undergone a seven-year revitalization program with $6.2 million in capital and leasehold improvements. Enhancements include new modern facades for all storefronts, re-roofing of approximately 82 percent of the shopping center, installation of two LED pylon signs for 24/7 digital advertising, replacement of outdated HVAC units, ground-up construction of the ALDI store, and site improvements to that parcel - including new paving, striping, landscaping, and upgraded sewer lines. Palmetto Plaza represents a rare chance to acquire a national-grocery-anchored shopping center in one of South Florida’s most sought-after retail corridors. With strong tenant performance, excellent accessibility, and a proven location, the Property offers both stability and long-term upside potential for investors seeking core-plus or value-add retail assets in a thriving market.
Exclusively Listed By
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
