TOP RETAIL SALES TRANSACTIONS: Miami-Dade (Q4 2019)
Top Transaction Highlight in Q4 2019: The Shops at Merrick Park in Coral Gables tops the list of top retail commercial real estate property sales transactions in South Florida for Q4 2019. It outranks the next sale transaction by nearly $600M, at a total price of $620,000,000. The sale represents a cost of $1,496 / square foot, and it was acquired by Brookfield Property REIT and JV Cigna.
1. Shops at Merrick Park (358 San Lorenzo Ave) – Coral Gables
Price: $620,000,000
Size: 414,470 SF
Price/ SF: $1,496
Buyer: Brookfield Property REIT / JV Cigna
Property Type: Lifestyle Center
2. Doral Plaza Shopping Center (9709-9779 NW 41st St)
Price: $62,615,244
Size: 100,671 SF
Price/ SF: $622
Buyer: –
Property Type: Retail Shopping Center
3. Homestead Pavilion (2457 NE 10th Ct)
Price: $44,311,633
Size: 209,097 SF
Price/ SF: $212
Buyer: –
Property Type: Retail Shopping Center
4. Walgreens (509 Collins Ave) – Miami Beach
Price: $33,100,000
Size:22,875 SF
Price/ SF: $1,445
Buyer: –
Property Type: Storefront Retail
5. Nissan (17305 S Dixie Hwy)
Price: $31,100,000
Size: 72,333 SF
Price/ SF: $430
Buyer: –
Property Type: Auto Dealership
6. 8325 S Dixie Hwy
Price: $25,000,000
Size: 42,000 SF
Price/ SF: $595
Buyer: –
Property Type: –
7. Brickell Flatiron Retail – Brickell
Price: $22,500,000
Size: 24,800 SF
Price/ SF: $907
Buyer: Elysee Investments
Property Type: Groundfloor Retail
8. Bomnin Chevrolet Homestead (1075 SE 6th Ave) – South Dade
Price: $19,000,000
Size: 60,870 SF
Price/ SF: $312
Buyer: Bomnin Automotive
Property Type: Auto Dealership
9. Majestic Plaza (8150 SW 8th Street) – West Miami
Price: $13,000,000
Size: 36,520 SF
Price/ SF: $255
Buyer: Offer Ramim
Property Type: Storefront Retail
10. The Centre at Cutler Bay (18901 SW 106th Ave)
Price: $9,300,000
Size: 63,631 SF
Price/ SF: $145
Buyer: MMG Equity Partners
Property Type: Freestanding Retail
TOP RETAIL SALES TRANSACTIONS: Miami-Dade (Q3 2019)
Top Transaction Highlight in Q3 2019: The high-profile property in Miami Beach (on the corner of Collins Ave and Fifth St) sold for $33 million, a bit over its last transaction price in 2014, according Marcus & Millichap. The retail property sold for nearly $1,500 / square foot. Records state that D & R Design District LLC, the seller, purchased the Miami Beach property for $32 million in 2014. The buyer, an LLC, was represented by brokers a Marcus & Millichap.
1. Walgreens (509 Collins Ave) – Miami Beach
Price: $33,100,000
Size: 22,875 SF
Price/ SF: $1,445
Buyer: Allied Partners Inc
Property Type: Storefront Retail
2. Staples (2121 Biscayne Blvd) – Biscayne Corridor
Price: $14,000,000
Size: 20,388 SF
Price/ SF: $687
Buyer: Crescent Heights
Property Type: Freestanding Retail
3. Gateway Shopping Center (9000 NW 25th St) – Miami Airport
Price: $14,000,000
Size: 32,654 SF
Price/ SF: $429
Buyer: Pacheco Group
Property Type: Neighborhood Center
4. 2900 Biscayne Blvd – Biscayne Corridor
Price: $6,750,000
Size: 5,200 SF
Price/ SF: $1,298
Buyer: Crescent Heights
Property Type: Storefront Retail
5. Sunshine Kia (17120 S Dixie Hwy) – South Dade
Price: $6,400,000
Size: 20,446 SF
Price/ SF: $313
Buyer: Mario Benedetti, South Dade Toyota
Property Type: Auto Dealership
TOP RETAIL SALES TRANSACTIONS: Miami-Dade (Q2 2019)
Top Transaction Highlight in Q2 2019: Publix, the grocery store chain based in Florida, purchased Doral Plaza Shopping Center from ShopCore Properties, based in Chicago. Doral Plaza is 128,255 square feet total, and Publix acquired the entire property for $70 million ($546 / sq ft). The other tenants currently occupying spaces in the plaza are B of A, Chase Banks, GNC, and Supercuts.
Publix is in the process of purchasing retail centers where they are tenants as a means of becoming their own landlord. They owned the property for nearly 32% of their stores in 2017, and are currently acquiring 30 stores a year. They now operate over 1,200 locations nationwide.
1. Doral Plaza (9705 NW 41st St) – Miami Airport
Price: $70,000,000
Size: 128,255 SF
Price/ SF: $546
Buyer: Publix
Property Type: Shopping Center
2. Homestead Pavilion (2400 NE 10th Court) – South Dade, FL
Price: $62,241,666
Size: 302,346 SF
Price/ SF: $205
Buyer: CREC Capital, MMG Equity Partners, Highline Real Estate
Property Type: Neighborhood Center
3. 318 Lincoln Road – Miami Beach, FL
Price: $20,500,000
Size: 23,792 SF
Price/ SF: $862
Buyer: RFR Realty
Property Type: Storefront Retail
4. 3001 Aventura Blvd – Aventura, FL
Price: $13,000,000
Size: 32,324 SF
Price/ SF: $402
Buyer: RK Centers
Property Type: Shopping Center
5. 3925 NE 2nd Ave – Wynwood Design Disrict
Price: $12,000,000
Size: 8,304 SF
Price/ SF: $1,445
Buyer: Alex Karakhanian
TOP RETAIL SALES TRANSACTIONS: Miami-Dade (Q1 2019)
Top Transaction Highlight in Q1 2019: Arnaldo Bomnin Jr, owner of Bomnin Chevrolet Dadeland, purchased a former Toys “R” Us location near the dealership for $25 million. The 42,034 square foot space sold for $595 / square foot. The property was sold by Tru Trust 2016 LLC after Toys “R” Us filed for bankruptcy in 2017 and eventually closed all locations (23 total in South Florida) in 2018. The total property covers 4.1 acres, so it is speculated that it will be used as an expansion of the Bomnin car dealership in the future.
This CRE sale is an example of the reutilization / revitalization of major store spaces that were occupied by a “category killer” retailer.
1. Former Toys “R” Us (8789 SW 117th Avenue) – Kendall, FL
Price: $25,000,000
Size: 42,034 SF
Price/ SF: $595
Buyer: Arnaldo Bomnin Jr
Property Type: Freestanding
2. CVS (983 Washington Avenue) – Miami Beach, FL
Price: $18,315,000
Size: 12,443 SF
Price/ SF: $1,472
Buyer: KLNB Retail
Property Type: Freestanding
3. Minotti (3801 NE 2nd Avenue) – Miami, FL
Price: $15,500,000
Size: 9,770 SF
Price/ SF: $1,586
Buyer: Nadre Hakakian
Property Type: Storefront
4. Upland (49 Collins Avenue) – Miami Beach, FL
Price: $15,000,000
Size: 9,284 SF
Price/ SF: $1,616
Buyer: Leopold Friedman
Property Type: Storefront
5. King of Diamonds (17800 NE 5th Ave) – Miami, FL
Price: $9,700,000
Size: 60,622 SF
Price/ SF: $160
Buyer: Mario Murgado Jr
6. 2701 NW 2nd Avenue – Miami, FL
Price: $9,500,000
Size: 12,500 SF
Price/ SF: $760
Buyer: Link Real Estate
Property Type: Freestanding
7. Former Toys “R” Us (19525 S Dixie Hwy) – Miami, FL
Price: $7,000,000
Size: 35,497 SF
Price / SF: $197.20
Buyer: Midtown Group
8. 2175 NW 2nd Ave – Miami, FL
Price: $6,300,000
Size: 3,986 SF
Price / SF: $1,580.53
Buyer: Dora Somma
9. Wawa (11101 SW 184th St) – Miami, FL
Price: $5,671,000
Size: 5,943 SF
Price / SF: $954.23
Buyer: Joel D. Horowitz
10. 2 NW 79th St – Miami, FL
Price: $5,560,600
Size: 4,100 SF
Price / SF: $1,356.24
Buyer: W. Clarke Swanson
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