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The Real Deal Miami

Bed Bath & Beyond Plaza in Doral hits the market, could fetch $40M, brokerage says

Retail tenants at the 97k center also include Office Depot, Pier 1 Imports, Starbucks
June 14, 2017 06:00PM

Bed Bath & Beyond Plaza

The Bed Bath & Beyond Plaza in Doral, next to Miami International Mall, just hit the market. Though the retail center at 10640 Northwest 19th Street doesn’t have a price, listing brokerage HFF told The Real Deal that it expects offers of more than $40 million.

HFF Miami’s Danny Finkle, Luis Castillo, and Eric Williams have the listing.

In addition to Bed Bath & Beyond, other tenants at the 97,456-square-foot shopping center include including Office Depot, Pier 1 Imports, Starbucks, Moe’s Southwestern Grill, Party City, Petco, Fuddruckers, and Jimmy John’s Gourmet Sandwiches.

Nationwide, retail is facing challenging times amid retailer bankruptcies and store closings, as shoppers increasingly turn to the internet.

The 9.9-acre retail center was built in 2003, and the two-property site was sold to the Illinois Elston/LaJolla for $6.8 million in August 2005. In 2014, Elston/LaJolla traded the Bed Bath & Beyond Plaza to another Illinois company, RPAI Miami 19th Street II, for $10.4 million.

Doral is in the midst of a surge in development, with such projects as Codina Partners’ Downtown Doral, Related Group and Shoma Homes’ CityPlace Doraland JQ Group of Companies and Optimus Developers’ Midtown Doral in the works.

Earlier in June, HFF negotiated the $101 million sale of a seven-office building portfolio in the Tampa area and arranged $22.25 million of acquisition financing for the owner of a 288-unit apartment complex in Port Richey.  Grace Guarnieri