Doral Shops, a 99% occupied, 113,354-square-foot retail property in Doral, FL was sold for $57 million.
Marcus & Millichap brokered the deal between two undisclosed limited liability companies.
Built in 2002 on nearly six acres, the property contains just over 70,000 square feet of ground floor retail space. The largest user is Navarro Discount Pharmacy, a CVS-owned company that occupies 21,000-plus square feet. The tenant mix includes 12 restaurants and several service-oriented tenants. The average lease term for the ground floor spaces has been more than six years. The second floor contains almost 40,000 square feet of service retail and office space configured into 26 tenant bays. Many of these users are medical or health-related and have an average lease term of approximately four years. Second-floor tenants benefit from a dedicated drive-up parking deck.
Doral Shops is located at 11402 North West 41st St., off Highway 29/Ronald Reagan Turnpike. Target, Miami International Mall, and Florida International University are nearby.