Fully-Leased Shopping Center Near Waterford Business District Sells For $28M
Global real estate advisor Avison Young brokered the sale of Blue Lagoon Shoppes, a 29,205-square-foot neighborhood shopping center located at 1101 NW 57th Avenue in Miami for $28 million. Avison Young represented the seller, Keystone Holdings Group, in the disposition of the fully leased retail property to Elysee Investments.
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 and Brian C. de la Fé represented the seller. Mario Borda of Borda Commercial Real Estate represented the buyer.
Situated on approximately 2.41 acres, Blue Lagoon Shoppes was developed in 2021 by Miami-based Keystone Holdings Group, which owned and operated the property since. The center is 100% occupied by a mix of food and beverage, banking, medical and service-oriented users including Starbucks, Chipotle, Panera Bread, Jersey Mike’s, BankUnited and Panda Express.
“The strongest-performing retail investments today are the ones that combine essential-service tenancy with irreplaceable locations,” said de la Fé. “Blue Lagoon Shoppes delivers both through its national-credit tenant roster, full occupancy and strong location at the gateway to the Waterford Business District, one of South Florida’s most established employment corridors.”
The Waterford Business District features more than 3 million square feet of office space, nine hotels and nearly 100,000 daytime employees, providing a consistent customer base for the property’s necessity-based retail and service tenants. At approximately $959 per square foot, the sale underscores the premium investors continue to place on stabilized retail assets in supply-constrained South Florida submarkets.
“We are pleased to announce the acquisition of Blue Lagoon Shoppes, a 13-tenant retail center in Miami, Florida,” said Orit Mimoun, Head of Real Estate at Elysee Investments. “Its diversified, service-oriented tenant mix aligns with Elysee’s strategy of owning neighborhood service plazas and expands our presence in the greater Miami market.”
South Florida continues to benefit from some of the strongest retail fundamentals in the country. According to Avison Young’s Q2 South Florida retail market report, regional retail vacancy stood at just 3.6% at midyear, while investors completed more than $1.36 billion in retail transactions year-to-date. Continued population growth, tourism activity and limited new supply have helped sustain demand for well-located retail assets throughout the region.
Key Facts
- Property: Blue Lagoon Shoppes
- Location: 1101 NW 57th Avenue, Miami, near the Waterford Business District
- Asset Type: Neighborhood shopping center
- Transaction Type: Sale
- Buyer: Elysee Investments
- Seller/Developer: Keystone Holdings Group
- Size: 29,205 square feet on approximately 2.41 acres
- Price: $28 million
- Price Per SF: Approximately $959
- Brokers: Michael T. Fay, John K. Crotty, David Duckworth and Brian C. de la Fé of Avison Young represented the seller; Mario Borda of Borda Commercial Real Estate represented the buyer.
- Other Notable Details: Built in 2021; fully leased to 13 tenants.