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| Doral Signature Shops, 11401 NW 41st Street, Doral, FL |
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| Scott C. Sandelin |
DORAL, FL – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, today announced the sale of Doral Signature Shops, an 11,110-square foot retail property
located in Doral, Fla.
The asset sold for $9,100,000 representing $819 per
square foot and a 5.10 percent CAP rate.
Scott C. Sandelin,
an associate vice president investments, and Edward Romo, an associate, in Marcus & Millichap’s Miami
office, had the exclusive listing to market the property on behalf of the
seller, a partnership between local developers Gadinsky Real Estate and Armando Codina. The buyer was a limited liability company
from Miami.
“Doral Signature Shops was a rare opportunity for an
investor to secure a newly constructed three-tenant retail center featuring
long-term leases with high profile tenants,” says Sandelin.
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| Edward Romo |
“For the growing
segment of two to three-tenant, high-quality retail centers, this is a very
significant sale in terms of deal size and cap rate.”
“Doral is one of the Miami area’s fastest growing and most
sought after markets with strong demographics.
"The tenant mix of a Starbuck’s,
Mercantile Commerce Bank and popular local restaurant chain, Graziano’s, is a
perfect match for the area and complements the adjacent high-end apartment
community that Codina built,” adds Romo.
Located at 11401 NW
41st Street, the center is situated at a signalized intersection on Doral’s
main east-west corridor with convenient access to the Florida Turnpike.
For a complete copy
of the company’s news release, please contact:
Kirk A. Felici
First Vice President/District Manager
Miami, FL
(786) 522-7000
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