An overseas investor purchased the center, located on Northwest 107th Avenue at Northwest 21st Street, from Doral Pointe LLC. The center sold at a capitalization rate of a little more than 7%.
Tenants at the center include SouthTrust Bank, Wendy's, Goodyear, Mattress Giant, Cingular Wireless, Subway, Dryclean USA, H&R Block and Chicken Grill. Besides Dryclean USA, the tenants have between five- and 20-year leases, according to Thomas H. Brymer II, president of Thomas H. Brymer II PA in Miami and a broker in the transaction.
Brymer attributes the high sales price to the SouthTrust and Wendy's land leases, the NNN lease with Goodyear that was a build-to-suit, and the tenants' overall credit rating. Brymer was the exclusive agent representing Doral Pointe LLC in the transaction.
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