Pebb JV sells CVS-anchored retail space in Miami Beach for $18M
The $25 million sale of an 8.71-acre mixed-used property in Southwest Miami-Dade closed on Tuesday. CBRE arranged both the sale and financing of the site, which includes a 126,004-square-foot office building with a bank as a tenant and a 9,249-square-foot retail strip center in addition to a CVS drug store.
Flagler West Corporate Center, LLC purchased Flagler West Corporate Park, located at the intersection of West Flagler Street and Southwest 87th Avenue, from Nationwide Theatres West Flagler, LLC. CBRE Debt and Structured Finance provided an $18.75 million CMBS loan and a $2 million mezzanine loan to Flagler West Corporate Center for the deal.
The property is 85-percent leased.
“In addition to enjoying a strong identity by virtue of its hard corner location at a highly traveled intersection, the property benefits from the robust surrounding residential density and explosive projected growth – 7.43% within one mile over the next four years,” Miguel Alcivar, Senior Associate, CBRE Investment Properties, said in a press release. — Heather Grossmann
