MIAMI—CVS Plaza at Coral Way, an 18,214-square foot neighborhood shopping center in Miami, just traded hands. The price: $6.45 million.

Kirk D. Olson and Drew A. Kristol, vice president investments, and Jonathan Gerszberg, an associate vice president investments, in Marcus & Millichap's Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami. Jonathan De La Rosa, an associate, and Scott C. Sandelin, an associate vice president investments, also in M&M's Miami office, represented the buyer, limited liability company from Miami Springs, FL.

“This was a rare opportunity to acquire a fully-occupied center with 65% of its tenants operating from the location for more than 10 years,” says Kristol. “The property has excellent curb appeal and sits in a growing retail corridor of west Miami Dade County.”

Located at 2411 Southwest 147th Avenue, the retail center sits on the northeast corner of Southwest 26th Street, also known as Coral Way, and Southwest 147th Avenue. A freestanding CVS Pharmacy building that sits on the hard corner and was not included in the sale, shadow anchors the retail property.

“This sale is a testament to the strength of the 1031 exchange market which is one of the main factors driving the high velocity for retail properties in Miami,” says De La Rosa. “The buyer was attracted to the property's diverse tenant mix and location next to a CVS that will provide long-term stability.”

CVS Plaza at Coral Way was developed in 2004 and remains in very good condition with no deferred maintenance. The center is 100% occupied, with a blend of local tenants, including a restaurant, preschool, and medical center. The retail property sits on 2.17 acres of land and has abundant parking and excellent visibility to Southwest 147th Avenue.