A Walmart Neighborhood Market in Miami-Dade County traded for $9.7 million, a sign retail investors are still hungry for South Florida grocery stores.
An entity managed by Miguel Lopez in Doral acquired the 58,234-square-foot store at 6991 Southwest Eighth Street in West Miami, according to Vizzda and records. The deal breaks down to $172 per square foot.
The 6.7-acre site sold just under the $10 million listing price, according to the offering memorandum. Ronnie Issenberg and Gabriel Britti with Marcus & Millichap marketed the property.
The seller, Lioni Investments, managed by Eunice Singer De Russoniello in Miami, paid $9 million for the single-tenant building in 2014, the same year it was completed, records show.
Walmart is currently in the middle of a 20-year lease that pays $400,000 annually, the offering shows. The national retailer also has 12 five-year renewal options that come with rental increases that will grow from $421,000 in 2034 to $718,343 in 2094, should Walmart exercise every option.
Recently, Stiles Corporation sold a Publix-anchored shopping plaza near Boynton Beach for $41 million. The buyer, real estate investor Yevgeniy Yermakov, paid roughly $512 per square foot for the nearly 80,000-square-foot Shoppes at Village of Golf.
Last year, retail investors lined up at the checkout line for grocery store-anchored properties. In one of the larger deals, PGIM Real Estate, the real estate investment and financing arm of Prudential Financial, paid $61.5 million for a Publix-anchored shopping center in Miramar. Monarch Town Center’s other tenants include Ross Dress for Less, Five Below and Planet Fitness.
The same month, north Florida-based Gerig Holdings sold Shoppes at Doral, a fully leased shopping center adjacent to a Winn-Dixie grocery store in Doral, for $15.1 million.
In 2022, the number of new grocery store leases across the country climbed 200 percent compared to 2019, according to a JLL report. Aldi, a German grocer led all other store chains with 88 new stores spanning 2.2 million square feet. And in Florida, Publix added 1.3 million square feet statewide, the report shows.