MIAMI—A single-tenant retail property leased to Doral Ale House has a new owner. Biscayne Ale acquired the asset from DAH Property for $5.87 million.
CBRE vice president Todd Weintraub represented both the seller and the buyer in the transaction. The retail building is located at 3271 NW 87th Avenue in Doral, FL.
“Strong historical annual sales at Doral Ale House contributed to investor confidence that the tenant will remain through the balance of the option periods,” Weintraub tells GlobeSt.com. The sale included a 1.31-acre parcel subject to a ground lease with five years remaining plus options.
The 9,767-square-foot casual dining restaurant sits on the east side of Northwest 87th Avenue, a high-traffic commercial corridor west of the Miami International Airport. It was constructed in 1991.
“The Doral Ale House restaurant is prominently located just south of Codina Partners' Downtown Doral project, a massive 120-acre mixed use development with more than 2,800 upscale living units and over one million square feet of office and retail,” says Weintraub. “Doral's daytime population swells by more than 150,000 which creates an exceptionally strong demand for restaurants and retailers in the market.”
Doral has emerged as a hot market and Codina's project is driving at least some of the momentum. An 11-building office park there traded hands in October. Meanwhile, One Park Square in Doral keeps filling up. And it's not just retail and office. Demand is clearly rising for next-generation class A office space in Doral. In August, Miller Construction started building the mixed-use Gateway Center Doral project there.
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