Marcus & Millichap Closes Miami Retail Center Sale

By Mihaela Coste

Flagler Station Shops, Miami

Miami—Marcus & Millichap recently announced that it has closed the sale of Flagler Station Shops, a 42,800-square-foot retail center in Miami. The asset traded for $9.6 million, nearly $224 per square foot.

Drew Kristol and Kirk Olson, vice presidents of investments with Marcus & Millichap’s Miami office, represented the undisclosed New York-based seller. The buyer of the asset was a private investment group from Miami.

Situated at 10505 NW 112 Ave. in the center of Flagler Station, the property built in 2001 is located in close proximity to Florida’s Turnpike between Doral and Hialeah Gardens, being the only retail property that serves the area’s high-density daytime population. The single-story asset is located on a 5.02-acre site and offers ample parking. At the time of the transaction, the Class A property was 95 percent occupied by a mix of local office and retail tenants.

“Flagler Station Shops is the primary retail shopping center servicing Flagler Station, South Florida’s largest business park, which has over 10.5 million square feet of industrial and office space,” said Kristol in a prepared statement. “The location is in a growing commercial corridor fronting NW 106th Street, just off Florida’s Turnpike and north of the high-end Doral submarket.”

Image courtesy of The Olson Kristol Group