MIAMI—Pointing to the sale of the Sunset Strip Plaza, local commercial real estate brokers say Miami's West Kendal retail submarket is gaining momentum. The Continental Real Estate Companies (CREC) just brokered the sale of the retail center for $14 million.

Located at 10855 Southwest 72nd Street near the intersection of Sunset Drive and 107th Avenue, the 82,000-square-foot property is anchored by Presidente Supermarket. Family Dollar and Sherwin Williams are also tenants.

SPI Sunset, LLC acquired the retail center from longtime owner Loeb Partners Realty. Warren Weiser and Harry Blyden of CREC represented the seller.

“West Kendall is among South Florida's hottest submarkets by any measure,” says CREC senior vice president Harry Blyden. “The sale price secured by Sunset Strip Plaza is the most recent indicator that buyers are willing to pay for well-located, income-generating retail centers. The prospect of future development on this site was particularly appealing to interested buyers given the neighborhood's continued population growth.”

CREC served as the retail property's exclusive leasing agent and property management firm since 2000. CREC's leasing team took the center's occupancy rate from 88% to 97% while the property was under contract. CREC will continue to spearhead leasing for Sunset Strip Plaza under the property's new ownership.

Beyond a strong tenant roster, Sunset Strip Plaza has a high-visibility, high-traffic location along one of the West Kendall market's main commercial arteries. The area also offers a dense residential population, with about 500,000 people living within a five mile radius.