Colliers Brokers $14.9M Sale Of Retail Space In Downtown Miami
Colliers International South Florida has brokered the $14.9 million sale of ground-level retail space within Marinablue, a 57-story condominium in downtown Miami.
Totaling 11,090 square feet, the retail space consists of seven retail condos currently occupied by CVS/pharmacy and Wine by the Bay.
Located at 888 Biscayne Blvd., the ground-floor retail space sits across the street from the American Airlines Arena and within walking distance to the upcoming Miami Worldcenter development.
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.
Aran Properties Inc., a European investor, purchased the retail condos from Miami-based Grouper MB Holdings LLC at a 4.22 percent cap rate. Marcos Puente of Colliers International represented both the buyer and the seller in the transaction.
Source: RE Business
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