Miami Shopping Center Trades For $674 PSF

JLL Capital Markets has arranged the $62.1 million sale of Red Bird Center, a 92,089 square-foot generational grocery-anchored retail center located at the intersection of Bird Rd. and Red Rd. in a highly affluent Miami submarket.

JLL worked on behalf of the seller, Red Bird Associates. The buyer was Asana Partners.

Red Bird Center is strategically positioned at 5761 Bird Rd., offering exceptional visibility and seamless accessibility with 65,700 combined daily traffic counts. This prime location is surrounded by the upscale communities of Coral Gables and South Miami, which boast household incomes of approximately $200,000.

The retail center is 100% leased and anchored by Milam’s Market, Walgreens, Orion Fuels and Ace Hardware, along with a diverse mix of national, regional and local tenants. The property features strong tenant stability with a weighted average tenure of 31.2 years and generates 1.5 million annual visits with 338,000 unique visitors.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Director Danny Finkle, Senior Director Jorge Portela and Vice President Kim Flores.

“Red Bird Center represented a truly one-of-one generational shopping center opportunity in South Florida,” said Finkle. “For the first time in nearly four decades, this landmark property that epitomizes the terms ‘generational’ and ‘infill’ became available for acquisition. The property’s iconic status, prime location and strong demographics made it an exceptional investment opportunity.”

 

“We are pleased to facilitate this transaction for both parties,” added Portela. “With high barriers to entry in this densely developed market, Red Bird Center presents significant value creation opportunities for Asana Partners in the years to come.”