Avison Young has been tapped to sell a unique retail acquisition opportunity near Miracle Mile and downtown Coral Gables. Spanning 1.15-acres, Gables Entrance consists of two buildings totaling 12,778 rentable square feet and is 100 percent occupied by high-credit national tenants Chase, Pei Wei, and Chipotle.
Avison Young’s Michael T. Fay, principal and managing director, Miami; John K. Crotty, CCIM, principal, and Joshua Ladle, associate, will lead the marketing initiatives for this asset.
“Gables Entrance is a rare opportunity for an investor to secure a stable cash flowing retail asset in a highly sought-after location with one of the highest asking lease rates in Miami-Dade, second only to Miami Beach,” Fay said. “The possibility of long-term redevelopment also makes this a unique value-add investment.”
Located at a signalized intersection at the southeast corner of Coral Way (SW 22nd Street) and Douglas Road (SW 37th Avenue) — both heavily traveled with daily traffic counts in excess of 90,000 vehicles — Gables Entrance serves a population of 504,407 within a five-mile radius of Coral Gables.
“High-street retail such as properties on Miracle Mile are scarcely available and continue to be premier prospects for buyers interested in reliable returns on investment,” Crotty added. “As current low interest rates are expected to increase causing the uptick in investor activity experienced in the market, we anticipate a significant multi-bid situation within a short time period.”
As retail’s second-most desirable location after New York, Miami’s retail sector is performing significantly above the national average. Additionally, Miami has the 15th lowest retail vacancy rate among U.S. major markets, according to the NAR and Reis report, with Coral Gables boasting a vacancy rate considerably lower than the Miami-Dade county average.
For more information about Avison Young in Miami, contact Fay or Crotty at 305-446-0011 or visit www.avisonyoung.com/offices/miami.