MIAMI—Private real estate investors are digging into Miami retail real estate. Shoppes of Coral Way just sold for $21.015 million and Victoria's Secret South Beach sold for $24.75 million.

Shoppes of Coral Way is a 48,993-square-foot shopping center in Miami. The sale price equals $429 per square foot. Victoria's Secret South Beach sold for a whopping $1,885 per square foot.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller of Shoppes of Coral Way and both principals in the Victoria's Secret South Beach transaction. IPA directors Drew A. Kristol and Kirk D. Olson led the deals.

“The Shoppes of Coral Way presented commercial real estate investors with a rare opportunity to acquire a trophy corner shopping center in the heart of Miami-Dade County with mostly national tenants and below-market rents,” Olson tells GlobeSt.com. “Whether the existing tenant roster remains the same and rental increases take effect over time, or a more aggressive strategy of repositioning tenants is pursued in order to grow the income at a more rapid pace, this investment presents virtually no downside risk and offers tremendous rent growth potential.”

Developed in 1995, Shoppes of Coral Way is located at 2690 Southwest 22nd Street and is 100% occupied. Office Depot and CVS anchor the retail center. Other national tenants include The UPS Store, Check 'n Go, GNC and RadioShack. The shopping center has very low historical tenant turnover, according to IPA, with all current tenants occupying the retail property for at least 13 years.

Located at 745 Collins Avenue, Victoria's Secret South Beach sits among many of the most recognizable retailers in the world, including Armani, Barney's New York, Banana Republic, and Guess. The retailer has nine and half years remaining on a 15-year lease for the entire building. The building has 10,264 square feet of retail on the first two floors and 2,867 square feet of third-floor office and storage space.

“Victoria's Secret South Beach is an ideal investment with minimal management responsibilities and a long-term double-net lease with 2.5 percent annual rental increases,” Kristol tells GlobeSt.com. “It is rare to find a net-leased trophy asset within the Collins Fashion District.”