Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Four months after completing Corsica Square, Safety Harbor-based Paradise Development Group has sold the retail asset to Kimco Realty. The New Hyde Park, NY-based buyer paid $19.4 million for the 59,800-sf property.

Publix anchors Corsica Square, with national and regional retailers rounding out the tenant roster. The property sits on a 7.5-acre tract at the intersection of 152nd Street and 157th Avenue in the West Kendall submarket of the county.

The Miami office of Holliday Fenoglio Fowler arranged the deal. The investments sales team led by Daniel Finkle, managing director; George Vail, director; and Luis Castillo, senior analyst, repped Paradise Development. Finkle tells GlobeSt.com the deal for the 100%-occupied center carried a 6.5% cap rate. The per-square-foot price also ranked among the highest for a grocery-anchored center in Dade County, he adds.

Finkle did not release the rental rates; however, a CB Richard Ellis market report for the fourth quarter of 2006 put the rental rates between $32 and $35 per sf.

“Corsica Square fulfills the immediate need for a high-quality retail space and secures a strategic location for Publix in one of its best performing markets,” Finkle says in a statement. “With a location directly along the Urban Development Boundary, future development in the area will be difficult, which ensures Corsica Square will retain a dominant position within the submarket.”

This is the second Florida retail property Paradise Development sold in as many months. In March, the company sold the 88,850-sf Paraiso Parc in Pembroke Pines to a joint venture of Terranova Corp. and BlackRock Realty Advisors. The newly constructed center, also anchored by Publix, traded for $39 million, as GlobeSt.com previously reported.

According to Marcus & Millichap Real Estate Investment Brokerage Co.’s 2007 National Retail Report, the Miami-Dade County retail market will remain tight, with vacancy hovering in the mid-3% range. In addition, the report finds that 1.4 million sf of retail is expected to be completed this year, down from two million sf in 2006.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.