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| 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.”
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| 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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