Shopping Center for sale in the Miami-Area Community of Doral

Wednesday, June 14, 2017

Update:  HFF announced the sale and financing of this property on January 22, 2018. For a listing of our current commercial real estate properties for sale, please click here.

Holliday Fenoglio Fowler, L.P. (HFF) is marketing for sale Bed Bath & Beyond Plaza in Doral, Miami-Dade County, Florida. The retail center for sale comprises three multi-tenant buildings totaling 97,456 square feet that is 100 percent leased and presents a rare opportunity for an investor to acquire a dominant community shopping center with a nationally-prominent and successful tenant roster in a dense Miami location driven by robust daytime, local and tourist traffic. Bed Bath & Beyond Plaza also offers substantial mark-to-market opportunities within the existing tenancy and select space repositioning to greatly improve income and value over time.

Bed Bath & Beyond Plaza is home to high-volume retail and restaurant tenants, including Bed Bath & Beyond, Office Depot, Pier 1 Imports, Petco, Party City, Starbucks, Moe’s Southwest Grill, Fuddruckers and Jimmy John’s, with sales above the chain averages, with restaurants reporting $670 per square foot.

Situated on 9.9 acres at 10640 NW 19th Street, the commercial retail property is located in a dense and high-traffic location in Doral with regional highway access straddled by two major malls, Dolphin Mall and Miami International Mall, totaling 2.4 million square feet. The center has excellent visibility and access along high traffic corridor on NW 107th Avenue, which exposes it to more than 48,500 vehicles per day. 

Shopping Center for Sale Investment Highlights

  • Nationally-Significant Tenant Roster:  National tenants account for 96 percent of the GLA and 94 percent of the revenue. Additionally, the property has been fully leased for the last six years.
  • Bullet-Proof Real Estate Location:  Bed Bath & Beyond Plaza is located in the highest barrier and highest demand Miami submarket of Doral. The infill area is underserved with limited retail ability that provides landlords the ultimate leverage on rents. Additionally, the location serves a growing local trade area that benefits from the adjacency to two regional malls and a robust daytime population.
  • Exceptional Demographics:  There are 150,681 residents earning an average annual income of more than $68,000 living within a three-mile radius of the center. Within a 15-minute drive, those numbers grow to more than 713,100 residents. Additionally, the area is expected to grow approximately 7.4 percent within the next five years.
  • Significantly Below-Market National Box Retailers with Repositioning Opportunity:  There is the potential for 58 percent growth in rents by converting the space occupied by larger tenants into small shops. Repositioning spaces could generate strong upside in income value over time. 

The property is being offered free and clear of existing financing. For more information on the historic Bed Bath & Beyond Plaza or other retail properties for sale, please contact Danny Finkle, Luis Castillo or Eric Williams in HFF’s Miami office. For financing inquiries, please contact Nat Scarmazzi. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

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