Publix anchors Corsica Square, with national and regional retailers rounding out the tenant roster. The property sits on a 7.5-acre tract at the intersection of 152nd Street and 157th Avenue in the West Kendall submarket of the county.
The Miami office of Holliday Fenoglio Fowler arranged the deal. The investments sales team led by Daniel Finkle, managing director; George Vail, director; and Luis Castillo, senior analyst, repped Paradise Development. Finkle tells GlobeSt.com the deal for the 100%-occupied center carried a 6.5% cap rate. The per-square-foot price also ranked among the highest for a grocery-anchored center in Dade County, he adds.
Finkle did not release the rental rates; however, a CB Richard Ellis market report for the fourth quarter of 2006 put the rental rates between $32 and $35 per sf.
"Corsica Square fulfills the immediate need for a high-quality retail space and secures a strategic location for Publix in one of its best performing markets," Finkle says in a statement. "With a location directly along the Urban Development Boundary, future development in the area will be difficult, which ensures Corsica Square will retain a dominant position within the submarket."
This is the second Florida retail property Paradise Development sold in as many months. In March, the company sold the 88,850-sf Paraiso Parc in Pembroke Pines to a joint venture of Terranova Corp. and BlackRock Realty Advisors. The newly constructed center, also anchored by Publix, traded for $39 million, as GlobeSt.com previously reported.
According to Marcus & Millichap Real Estate Investment Brokerage Co.'s 2007 National Retail Report, the Miami-Dade County retail market will remain tight, with vacancy hovering in the mid-3% range. In addition, the report finds that 1.4 million sf of retail is expected to be completed this year, down from two million sf in 2006.
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