MIAMI GARDENS, Fla., May 16, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to exclusively offer for sale Palmetto Plaza, a 176,376-square-foot grocery-anchored retail shopping center in Miami Gardens, Florida. The listing price is $31.75 million.
“Palmetto Plaza is currently 93.3 percent occupied with multiple national tenants, including Aldi supermarket, Sherwin Williams, Dunkin’ Donuts and a Regions Bank out parcel,” says Drew A. Kristol, IPA senior director. “Additionally, the current average gross rental rates within the center are $20 per square foot, which is much lower than in the surrounding market.”
Kristol and Kirk Olson, IPA senior director, are representing the seller, a private investment group based in the Northeast.
“Palmetto Plaza is located on the eastern border of the upscale Miami Lakes municipality, within one of the most dense and high-traffic retail corridors in all of Miami-Dade County,” adds Olson. “The traffic counts and population density create an ideal environment for successful retail businesses to thrive in.”
The property is located at 16301 NW 57th Ave. and stretches south along NW 57th Avenue with 1,500 linear feet of frontage along the avenue. Traffic counts on NW 57th Avenue average almost 50,000 cars daily. The center is just south of the NW 57th Avenue entrance to the Palmetto Expressway, one of the busiest traffic corridors in South Florida, which totals over 140,000 cars daily. The NW 57th corridor is home to a multitude of national retail stores including Home Depot, Office Depot, Lowe’s, BJ’s, Target, and Walmart, among many others.
Situated on almost 12 acres, Palmetto Plaza consists of four separate retail buildings that were constructed in 1978. The center currently has a roster of 37 national, franchised and local tenants. All of the building exteriors have been recently repainted and the parking fields redone.