Publix Supermarkets Acquired the 111,990-SF Doral Plaza
MIAMI, June 27, 2019 – Cushman & Wakefield has negotiated the sale of Doral Plaza, a 111,990-square-foot, institutional-quality shopping center in Doral, Florida. The Publix Super Market-anchored property is situated in one of Miami-Dade County’s most coveted trade areas for retail ownership.
The Cushman & Wakefield Retail Capital Markets Team of Vice Chairman Mark Gilbert, Executive Director Adam Feinstein and Director Mitchell Halpern represented New York-based Blackstone in the disposition. The buyer is Lakeland, Florida-based Publix Super Markets, Inc., which occupies 39,795 square feet in the shopping center.
Doral Plaza is situated at 9755 NW 41st St., (NWC of 41st Street and 97th Avenue) , which is nearly equidistant to both interchanges of the Palmetto Expressway and Florida’s Turnpike. The location has visibility to 55,600 vehicles a day and more than 15,000 residents live within a one-mile radius. It is also central to nearly 4 million square feet office space and 20 million square feet of industrial space within two miles.
The shopping center was 96% occupied at time of sale with 6,450 square feet available to lease. In addition to Publix, major tenants include ABC Fine Wine & Spirits, Panera Bread and Starbucks, as well as three outparcels occupied by Chase Bank, Bank of America and a Marathon gas station. The plaza was completed in 1987 and renovated in 2005.
“Doral Plaza is situated in the heart of Doral’s vibrant, live-work-play environment and is considered one of the dominant grocery-anchored neighborhood centers in South Florida,” said Gilbert.
The city of Doral is one of South Florida’s strongest trade areas based on its population density, growth prospects, and affluence. According to Cushman & Wakefield research, the population within a 2-mile radius of Doral Center is projected to grow by 14.5% over the next five years. Further, there are over 5,000 new residential units currently planned or under construction within the same geography.
“Doral is one of the fastest-growing markets not only in Miami-Dade County, but in the whole country,” Gilbert added. “This shopping center was built in the ‘80s when Doral was a mere dream of such visionaries as Armando Codina and others, and today it is one of the most sought-after markets for institutional investors of all property types.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida