Victoria’s Secret Trades For $1,885 PSF In Package Deal

In a package deal, the Victoria’s Secret location in South Beach and a Miami shopping center— the Shoppes of Coral Way — sold for $45.76 million last Thursday.
The 13,131-square-foot Victoria’s Secret sold for $24.75 million, or $1,885 per square foot. The 48,993-square-foot shopping center sold for more than $21 million, or $429 per square foot.
As Miami’s economy recovers from the recession — and the city continues to attract wealth from abroad — developers are investing in retail, including a proposal in northwest Miami-Dade for what would be the nation’s largest mall.
Tenants at the Shoppes of Coral Way, which has an address at 2690 SW 22nd St., include Office Depot, CVS, UPS and RadioShack.
The shopping center had sold for $13 million in 2005, county property records show. The lingerie store, located at 745 Collins Ave., went for $17.65 million in 2011.

“The Shoppes of Coral Way presented commercial real estate investors with a rare opportunity to acquire a trophy corner shopping center in the heart of Miami-Dade County with mostly national tenants and below-market rents,” said Kirk Olson, director of Institutional Property Advisors, a division of Marcus & Millichap, which handled the sale.

Source:  Miami Herald



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