Doral Commons Shopping Center Fetches $72M
Doral Commons Shopping Center Fetches M
Robust growth and a stellar retail occupancy rate in Doral, FL led to the sale of the Doral Commons shopping center for $71.56 million, or about $518 per square foot.
Miami-based developer Terra sold the 138,091-square-foot plaza at 7550 NW 104th Ave. to Jamestown LP, an investment and management company. The center, currently 95 percent leased, is anchored by Publix Super Markets and TJ Maxx.
The site was part of a 100-acre parcel acquired by Terra co-founders David Martin and Pedro Martin in 2012. The group subdivided the land into commercial and residential uses and built Doral Commons in 2015.
Terra and Lennar Corp. have built thousands of homes in the area over the past decade.
David Martin said the lineup of creditworthy tenants combined with strong demographics in the city made the center an attractive buy.
“We could have held out for more,” he told CoStar News, “But I think it was a good deal for us and a good deal for Jamestown.”
Cushman & Wakefield’s Mark Gilbert, who represented Terra, said steady leasing activity in Doral is attracting institutional investors. The city’s retail occupancy rate is close to 98 percent, and Doral, west of Miami International Airport, is one of the fastest-growing cities in the Southeast, he added.
Boston-based TA Realty recently bought two properties in Doral: the 4-Star One Park Square office building for $96.1 million, and the 4-Star multifamily complex The Manor at CityPlace Doral for $135 million.
“Doral is not just a residential community in South Florida, but it’s also an office and industrial submarket, and one of the most coveted,” Gilbert said.
Within a two-mile radius of Doral Commons, there are about 18,000 employees and 45,000 residents, he added.
Cushman & Wakefield’s Adam Feinstein, Mitch Halpern, Spencer Kinsella and Gaby Rokaw worked with Gilbert on the sale. Jamestown did not have representation.
Please see CoStar COMPS #4108571 for additional information on this transaction.