Dealmaker: Marcus & Millichap Brokers $57M Retail Property Sale

Doral Shops, Doral, Fla.

Marcus & Millichap, Calabasas, Calif., sold Doral Shops, a fully occupied 113,300-square-foot retail property in Doral, Fla. The property sold for $57 million.

Doral Shops is located at 11402 NW 41st St., off Highway 29/Ronald Reagan Turnpike. Miami International Mall and Florida International University are nearby. Built in 2002 on nearly six acres, the property contains just over 70,000 square feet of ground floor retail space. The largest user is Navarro Discount Pharmacy, a CVS-owned company that occupies 21,000-plus square feet. The second floor contains nearly 40,000 square feet of service retail and office space configured into 26 tenant bays.

“The acquisition provides the buyer with an outstanding opportunity to break into this high-barrier-to entry submarket market where there have been very few opportunities to acquire any commercial assets,” said Scott Sandelin, Senior Vice President of Investments in Marcus & Millichap’s Miami office. Sandelin and Senior Investment Associate Edward Romo listed the property for the limited liability company seller and secured the limited liability company buyer.

Romo noted the sellers developed the property more than 20 years ago. “The buyers have a long-term perspective and recognized the opportunity to acquire a prime asset with strong underlying real estate fundamentals, a high replacement cost and a sustainable and growing income stream due to below market rents,” he said.