Avison Young Arranges Sale Of Retail Portfolio For $340 PSF

Avison Young successfully arranged the sale of the San Souci Plaza, a two building ±47,350 square-feet retail portfolio located at 2104 and 2222 NE 123^rd Street in North Miami, Florida for $16 million.

Avison Young Principals Michael T. Fay, who is also the Chairman of Avison Young’s U.S. Capital Markets Group Executive Committee; John K. Crotty; David Duckworth; Brian C. de la Fé; and Associate Philip Shapiro completed the sale on behalf of the seller, Matthews Real Estate Partners. The buyer, an Aventura-based group led by Sebastian Guejman, was represented by Mario Borda of BCRE.

Situated at the gateway to Bay Harbor Islands in North Miami, San Souci Plaza benefits from a central location in one of the country’s top retail markets. Miami’s retail market boasts miniscule vacancy rates, consistently high demand, years of rising rents and a limited supply of new retail space due to land scarcity and high construction costs. This transaction marks the first time either property has traded hands since being developed by the owner in 1974 and 1976, signifying a notable moment of transition and potential repositioning in the market.

“The transaction highlights how investment continues to flow into community-oriented retail in highly sought after locations like the Biscayne Corridor, which has experienced an influx of luxury waterfront condominium developments proposed within walking distance of both properties,” said Crotty. “Given the pipeline for new retail development has cooled significantly in recent years, investors are eying legacy value-add retail assets in key markets for investment.”

 

“Avison Young’s Miami Capital Markets Group’s teamwork approach allowed us to get these properties in front a high-quality national audience of buyers, resulting in a successful outcome for us,” said Joseph P. Handy, Managing General Partner of Matthews Real Estate Partners. “We’re extremely grateful for the team’s work keeping this transaction seamlessly on schedule.”