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MIAMI—Shoppes of Pinecrest was worth $8.5 million to one retail investor. The 12,271 square foot retail shopping center is located on S. Dixie Highway in the Village of Pinecrest, an exclusive municipality in Miami-Dade County.

Douglas K. Mandel, vice president of investments in Marcus & Millichap’s Fort Lauderdale office, along with associate vice president of investments Kirk Olson and senior associate Drew Kristol in the firm's Miami office, represented Adler Dixie, LLC in the sale. The buyer was not disclosed.

“Adler Group did a phenomenal job developing and leasing the Shoppes of Pinecrest,” Anthony Blanco, director of investment sales at The Shopping Center Group, tells GlobeSt.com. “The property presented a unique opportunity for this investor by virtue of its ideal location on the highly trafficked U.S. Highway 1 and within the Pinecrest trade area, which is characterized by an affluent population base.”

Indeed, the upscale location, which provides strong visibility and access, has attracted notable tenants. Most of the tenants are national and some of the most well-known retail brands, such as Starbucks, Cold Stone Creamery, T-Mobile, GameStop and FedEx Office. Blanco says Adler did exceptionally well in creating an ideal tenant mix at the property that serves both the residential population base as well as the nearby office workers and substantial drive by traffic.

“The property also benefited from the substantial amount of daytime workers from the Dadeland office market situated almost across US Highway 1,” Blanco says. “The Dadeland retail sub-market—at the center of which is the bustling and highly successful Dadeland Mall—is one of South Florida’s strongest markets in terms of occupancy rates and market rents. The property is very well positioned for continued success well into the foreseeable future.”

Beyond the qualities of the asset, the transaction shows once again that investors have a strong appetite for well-located retail properties in Miami-Dade County. Blanco says the $692 per square foot price is hardly surprising considering the market rents for premium retail space along U.S. Highway 1, together with the lack of similar available space in the Dadeland retail sub-market.