Infill Miami Markets Attract Retail Investors
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MIAMI—Plaza Del Rey is yet another example of how retail investors’ eyes remain on Miami. The 50,186-square-foot shopping center sold for $11.6 million, or $231 per square foot.
Drew A. Kristol and Kirk Olson, both vice presidents investments in Marcus & Millichap’s Miami office, represented the seller, a Miami-based LLC. Kristol and Olson also represented the buyer, another locally based LLC.
“Situated within a densely populated infill area in the heart of Miami-Dade County, Plaza Del Rey has a diverse tenant mix, strong historical occupancy and solid cash flow,” says Olson. “Our marketing campaign produced multiple offers and the sale closed at list price.”
The retail asset is located on 4.5 acres at the corner of West Flagler Street and Southwest 102nd Avenue at 10000 West Flagler Street in Miami. West Flagler Street is a six-lane retail corridor with traffic counts of more than 40,000 vehicles per day. That’s one mile from Florida International University.
A large-scale retail development known as Fountain Square that features anchor tenants Target and Publix is under construction across the street. Florida State Road 836 and the Palmetto Expressway are nearby.
“The Plaza De Rey transaction is a good indication of strong investor demand for infill Miami-Dade shopping centers,” Olson says. The retail property is 95% occupied.
A 14,000-square-foot Navarro Discount Pharmacy anchors the Miami shopping center. Other tenants include Rent-A-Center, T-Mobile, and Vicky Bakery.
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