A South Florida investor is looking to sell a CVS and Office Depot-anchored shopping center along Coral Way in Miami.
Rajen Properties, tied to investor Arnold Wax, is listing the Shoppes of Coral Way at 2690 Southwest 22nd Street for $24.2 million. Marcus & Millichap has the listing for the 48,993-square-foot shopping strip, which takes up an entire block.
The more than 3-acre property, on the southeast corner of Coral Way and Southwest 27th Avenue, was developed in 1995. Five of the seven tenants have occupied space since it opened, according to a press release.
Wax has invested in commercial and residential real estate throughout South Florida. Records show Rajen Properties paid $21 million for the Coral Way property in 2015.
The property is zoned for up to five stories of mixed-use development. Kirk Olson of Marcus & Millichap said the CVS Pharmacy is the region’s best performing, and that both anchors have performed well during the pandemic.
A CVS and drive-thru bank sold in Margate earlier this month for $7 million. Another CVS-leased building in Hialeah sold in July for $11 million. In recent months, two Walgreens locations in Lauderdale Lakes and North Palm Beach sold for $8.1 million and $6.9 million, respectively.