Colliers International Brokers Sale of Ground-Floor Retail Condos In Luxury Marinablue in Downtown Miami
Miami, Fl. (Aug. 4, 2016) As the rapid re-urbanization of Miami’s urban core continues to attract top-tier investors from around the world, Colliers International South Florida has closed this week on a $14.9 million sale of premium retail space at Marinablue—a luxury, mixed-use, 57-story skyscraper in the heart of downtown Miami. Totaling 11,090 square feet, the retail space consists of seven retail condos currently occupied by CVS and Wine by the Bay.
Located at 888 Biscayne Boulevard, the ground-floor retail space sits across the street from the American Airlines arena and within walking distance to the Miami Worldcenter development project. CVS moved into its new location in mid July, after signing a 25-year lease to occupy six of the condos. The other tenant, Wine by the Bay, occupies one unit and is also in a long-term lease.
The seller is Grouper MB Holdings LLC in Miami. The buyer is Aran Properties Inc., a European investor. The acquisition price represents a 4.22 percent cap rate, showing the strong demand for properties in Miami’s urban core, said Colliers International South Florida’s VP of Capital Markets Marcos Puente. He represented the buyer and the seller.
The retail condos were not for sale when Puente approached Silver with an offer from his client Aran Properties. Grouper had just finished completing the interior build-out for a CVS pharmacy to occupy.
“Downtown Miami has become a very competitive market and you have a lot of capital chasing deals,” Puente said. “But when there is nothing on the market that fits your client’s need, you have to rely on our long-term relationships to create opportunities. That’s what we accomplished with this trade.”
The sale comes at a time when domestic and international investors have poured more than $1.4 billion in real estate investment into Miami’s urban core in the last two years, causing demand for prime retail space to skyrocket.
Downtown Miami is one of the few pedestrian-oriented neighborhoods in Miami, in part, because nearly 200,000 office workers and visitors descend upon its streets during daytime. The area is home to one of the highest concentrations of luxury residential units in the world. In the last five years, downtown saw its population jump by 29 percent and it will continue to grow annually by 20 percent in the coming years.
As a result, the area has begun to evolve and change.
“A new generation of businesses, including Lost Boy Dry Goods, Supply & Advise, Pawn Broker at the historic Langford Hotel, Manna Life Food and Jar + Fork, are capitalizing on the pedestrian traffic and finding ways to engage the daytime crowd even after dark,” said Ken Krasnow, Executive Managing Director & Market Leader of Colliers International in South Florida.
Downtown Miami is surrounded by some the country’s largest mixed-use developments proposed and under construction, including Brickell City Centre, Miami Worldcenter and All Aboard Florida’s Brightline. Investors are positioning to capitalize on the projected density growth.
Area amenities include Bayside Marketplace, Miami-Dade Community College Wolfson Campus, Museum Park, home to the Pérez Art Museum Miami and The Patricia and Phillip Frost Museum of Science, the American Airlines Arena, and the Adrienne Arsht Center for the Performing Arts and PortMiami. A number of public transit options are nearby, including the Metromover and Brickell-Biscayne trolley.
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For further information, please contact:
Paola Iuspa-Abbott on behalf of Colliers International South Florida
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