SOLD! $1,450,000 Retail Strip Center Sold by ComReal

Written by Yarisley

July 21, 2020

During the midst of a pandemic, a retail strip center totaling 6,399 SF at 5841 West Flagler in Miami, Florida, sold for $1,450,000 at a 5.2% cap rate.

The property was developed in 1971 by the father of the seller who anticipated that West Flagler would become a vital thoroughfare in Miami-Dade. His foresight proved to be correct as the property has remained at or near 100% occupancy for nearly 5 decades. The seller resides out-of-state and determined that it was a good time to divest of this asset.

The 6,399 Square Foot retail strip center totaled 6 retail bays with near 100% occupancy at the time of the sale. The retail strip center possessed many long term tenants with thriving businesses, which continued to thrive despite the COVID-19 pandemic. The one vacancy was a tenant eviction dating back to late 2019.

The property was on the market for 45 days and received multiple contract offers.

Gavin A. Winston of ComReal | Miami – Coral Gables, LLC represented the seller. Mr. Winston uses cutting-edge technology to advertise his listings to qualified buyers who are likely to take action on an available property. This marketing practice led to identifying the buyer in the sale.

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