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South Florida

Shoppes of Coral Way on market for $22M

The Shoppes of Coral Way
The Shoppes of Coral Way

Marcus & Millichap is listing the Shoppes of Coral Way, a 48,993-square-foot shopping center in Miami, the firm announced.

The property, which is listed for $22 million, is being marketed by Drew Kristol and Kirk Olson, vice presidents investments at Marcus & Millichap’s Miami office, on behalf of the seller, a limited liability company based in Coral Gables.

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“A buyer can maintain the existing tenant roster and collect rental increases that take effect over time, or pursue a more aggressive strategy of repositioning tenants in order to grow the income at a more rapid pace.” Olson said in a press release. “Regardless of the strategy chosen, this investment presents virtually no downside risk and tremendous rental growth potential.”

The property is 100 percent occupied and anchored by Office Depot and CVS – Christopher Cameron

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Marcus Millichap