MIAMI, Sept. 10, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of Shoppes of Coral Way, a 48,993-square-foot CVS Pharmacy and Office Depot-anchored shopping strip in Miami, Florida. The price is $24.2 million.
“This is an opportunity to acquire a trophy retail property with stability of income and future upside, including redeveloping the property based on its dense zoning entitlements,” said Kirk D. Olson, IPA senior director. “The center is located on a full city block in the heart of Miami with zoning that allows for up to five stories of mixed-use development.” Olson and Drew A. Kristol, IPA senior director, are representing the seller, a Miami-based private investor. “Shoppes of Coral Way is anchored by the region’s best-performing CVS Pharmacy and a high-traffic Office Depot, both of which have performed well through the pandemic caused by COVID-19,” added Kristol. “The anchor tenants have below-market rents for this location and limited options remaining.”
Shoppes of Coral Way is located on over three acres at the signalized corner of Coral Way and SW 27th Avenue, one mile east of the world-famous Miracle Mile retail corridor. Surrounded by Miami’s Coral Gables, Coconut Grove and Brickell neighborhoods, the population within three miles of the center is 273,000. “Five out of the seven tenants have been in occupancy since the property was constructed in 1995,” noted Kristol.
# # #
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com