Marcus & Millichap Brokers $11.95M Sale Of Palmetto Bay Retail Center

Marcus & Millichap announced the sale of Coral Reef Plaza, a 29,115-square-foot shopping center in Miami’s Palmetto Bay neighborhood.

The property sold for $11,950,000, equating to more than $410 per square foot.

Jonathan De La Rosa and Eddie Toledo of Marcus & Millichap procured the buyer in the transaction.

“We are proud to announce the sale of this generational asset located along U.S. 1 in the Palmetto Bay submarket of Miami-Dade County,” said De La Rosa, senior managing director investments. “Through a targeted marketing process, we generated multiple competitive offers and ultimately selected the most qualified buyer. We also played a key role in structuring favorable owner financing terms to help bring the transaction to a close.”

 

“This sale marks our fifth transaction along the U.S. 1 corridor over the past 12 months, further reinforcing our strong presence and expertise in this highly sought-after trade area,” De La Rosa added.

Located at 15295 and 15315 S. Dixie Highway, the 1.91-acre property includes 34 suites across a mix of retail and office space, including a freestanding Taco Bell, a multi-tenant retail strip and a mixed-use building.

The property is positioned at the intersection of U.S. 1 and Southwest 152nd Street and is less than five minutes from Jackson South Medical Center. The surrounding area includes established residential neighborhoods and neighborhood-serving retail.