An LLC has placed Doral Shops, a 113,354-square-foot neighborhood shopping center in Doral, FL, on the market. The unpriced offering is expected to trade for more than $50 million, according to Marcus & Millichap, which is handling the listing.
"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, in prepared remarks.
Romo and Scott Sandelin, senior vice president, are marketing the property on behalf of the seller.
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The tenant mix at the two-level shopping center includes 12 restaurants and several service-oriented companies that cater to the local community, according to Sandelin. Many of these businesses are medical or health-related, he adds, noting that "should a space become available, there is a constant supply of potential new tenants." The largest tenant is Navarro Discount Pharmacy, a CVS company that occupies 21,000 square feet and recently renewed its lease.
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.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
