MIAMI—A newly constructed Whole Foods Market in North Miami has a new owner. Happiness, Inc. bought the retail asset for $19.8 million from Biscayne Partners, LLC, a Miami-based real estate development firm.
The CBRE team of Dennis Carson, Casey Rosen, David Donnellan, and Todd Weintraub represented the seller in the transaction. The property is located at 12150 Biscayne Boulevard.
“Single-tenant Whole Foods are rarely available to investors,” says Dennis Carson, Senior Vice President with CBRE. “This one's very strategic location and the demographics of northeastern Miami-Dade County were especially appealing to investors.”
Whole Foods Market occupies a 36,000-square-foot freestanding building completed in May 2013. The 2.97-acre site is on the west side of Biscayne Boulevard, the primary north/south retail corridor serving eastern Miami-Dade County, and one block south of NE 123rd Street, the causeway providing direct access to the dense and affluent coastal communities of Bal Harbour, Bay Harbor Islands, Indian Creek, Surfside and Miami Beach.
“Investors continue to exhibit extremely strong demand for single-tenant, net-leased investments with quality tenants, particularly in cases such as this where the term of the lease is long and the location is exceptionally strong,” says Todd Weintraub, senior associate with CBRE.
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