Sunday, October 5, 2014

Shoppes of Coral Way in Miami, FL Hits the Market at $22 Million


Drew A. Kristol
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has obtained the exclusive listing for Shoppes of Coral Way, a 48,993-square-foot shopping center in Miami.

 The asset is listed for $22,000,000. Drew A. Kristol and Kirk D. Olson, vice presidents investments in Marcus & Millichap’s Miami office, are marketing the portfolio on behalf of the seller, a limited liability company based in Coral Gables, Fla.

“The Shoppes of Coral Way presents a rare opportunity to acquire a trophy corner shopping center in the heart of Miami-Dade County with anchor national tenants and below-market rents,” says Olson.

 “A buyer can maintain the existing tenant roster and collect rental increases that take effect over time, or pursue a more aggressive strategy of repositioning tenants in order to grow the income at a more rapid pace.

“ Regardless of the strategy chosen, this investment presents virtually no downside risk and tremendous rental growth potential.”

Kirk D. Olson
“Most of the tenants have operated within the shopping center since it was developed with leases that allow for substantial rental increases over time,” adds Kristol. “Due to the property’s rare corner location and available parking, the market rental rate for the small shop spaces are in the $45 to $50 per-square-foot triple-net range.”

Developed in 1995, the 100 percent occupied property features attractive, modern construction and is anchored by Office Depot and CVS. Other national tenants include The UPS Store, Check ’n Go, GNC and RadioShack. The sole local tenant is a nail salon.

Interested investors can contact Drew Kristol or Kirk Olson at (786) 522-7000.


For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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