Miami-based retail investors Domenico Albano and Americo D’Agostini paid $57 million for Doral shopping center anchored by a Navarro Discount Pharmacy store.
Sofi Retails, a real estate investment firm managed by Albano and D’Agostini, acquired Doral Shops, a two-story retail plaza at 11402 Northwest 41st Street, according to a press release. Albano and D’Agostini, who are also partners in Miami-based A&D Group Realty, paid roughly $500 a square foot for the 113,000-square foot shopping center.
The seller, Sammoury Investments, managed by Anton and George Sammour in Miami, developed Doral Shops in 2002, records show. The previous sale price for the nearly 6-acre property is not available online.
Edward Romo and Scott Sandelin with Marcus & Millichap represented Sofi Retails and Sammoury in the most recent sale.
Doral Shops is 99 percent leased with a tenant mix of 12 restaurants and service retailers on the ground floor, and several medical and health services tenants on the second floor, Romo and Sandelin told The Real Deal.
The shopping center went on the market two weeks before the pandemic shut down businesses in early 2020, then was taken off the market and relisted last year with no asking price, Sandelin said. The seller received nine offers, he added.
“This buyer offered the right combination of price and profile,” Sandelin said. “They understood the vision we were selling.”
The $500 price per square foot is above average for shopping center deals in South Florida, but the property has redevelopment potential, Romo said. He also noted the transaction is the third highest retail sale ever recorded in Doral.
“The replacement value of this property is really high,” Romo said. “You have 6 acres that span an entire city block. The land alone would trade somewhere at $5 million an acre. There are a number of things pushing these metrics that make the price per square foot more palpable for the buyer.”
Sofi Retails is in wheel-and-deal mode. Last month, the firm sold the commercial unit at One Ocean Condominium in Miami Beach’s South of Fifth neighborhood for $12.2 million to Robert Rivani’s Blck Lion Investment Group. Last year, Sofi Retails also sold the commercial condos at Marea, another South of Fifth condo project, to Black Lion for $19 million.