The Real Deal Miami

CVS-leased retail space in downtown Miami sells: $15M

CVS Pharmacy has a 25-year lease for part of the space

August 04, 2016 01:30PM
By Katherine Kallergis

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Marinablue and Colliers broker Marcos Puente

Marinablue and Colliers broker Marcos Puente

The ground floor retail space at a downtown Miami skyscraper sold for $14.94 million, or $1,347 per square foot.

Records show Grouper MB Holdings LLC, an affiliate of Palmetto Bay-based Grouper Financial, sold the seven retail condos at Marinablue, 888 Biscayne Boulevard. Scott A. Silver signed the deed transfer of ownership.

European investor Aran Properties bought the units in an off-market deal brokered by Marcos Puente of Colliers International South Florida, according to a press release. Records show CVS signed a 25-year lease for the space in March, Oak Construction completed the buildout, and the store opened in mid July.

The commercial units total 11,090 square feet with Wine by the Bay occupying one unit also in a long-term lease, Puente, Colliers’ vice president of capital markets, told The Real Deal. He said the sale price represents a 4.22 percent cap rate.

The release cites more than $1.2 billion in real estate investment in Miami’s urban core over the past two years, and a population increase of 29 percent over the last five years in downtown Miami.

The buyer is a Florida corporation managed by Eric Levy of Asheville, North Carolina, records show.

Marinablue, a 57-story building developed by Hyperion Development in 2007, has more than 500 residential units. The tower was designed by Arquitectonica and is across the street from the American Airlines Arena.

In January, ground floor retail space at 900 Biscayne hit the market for $10.4 million, or $811 per square foot. Tenants there included Libar Steakhouse, Star Foods Market & Bistro and a Venegas International Group office.