In the latest sign of intense demand for stable, well-positioned assets in Doral, Terra’s Doral Commons retail space has traded hands on Jamestown, LP. The 140,000-square-foot center is 95 percent rented, and a tenant directory is anchored by Publix Supermarket TJ Maxx, Citibank, GNC, AT&T Wireless, McDonald’s, and others.
According to public records, Miami-based Terra sold the mall to Jamestown for $ 72 million – a nice profit from a property 95 percent rented.
Located at the high-volume intersection of Northwest 74th St. and 107th Ave. Doral Commons was originally part of 100 acre property acquired by Terra co-founders David and Pedro Martin in 2012. Terra divided the land into commercial and residential development zones and completed the construction of Doral Commons in 2015. The company’s 319-home Modern Doral development is adjacent to the mall.
“The commercial growth in Doral is one of the most exciting stories in the South Florida real estate landscape,” said David Martin, president and co-founder of Terra.
“The rising demand for retail, office, and industrial real estate is fueled by a growing resident population, the city’s desirable lifestyle, and improvements in infrastructure and transit options. Terra developed Doral Commons with the aim of finding a mix of tenants that would meet local residents’ everyday needs and the success of that formula ultimately led to this sale. “
The Doral Commons sale coincides with a surge in retail leasing activity in Doral, creating increased demand from discerning investors like Jamestown. Mark Gilbert, Executive Managing Director of Cushman & Wakefield’s South Florida Capital Markets team, who represented Terra on the transaction, stated, “This is a case where Terra is taking a forward-looking approach to acquiring a site and identifying a niche in the market. and adding value through execution and leasing. “
Gilbert continued, “According to our company’s most recent retail report, Doral’s retail occupancy is in the 98 percent range. That number should apply as Doral has become a live work play community and remains one of the most dynamic markets in the Southeast. The fact that Doral is one of the fastest growing cities in the southeast is something special, but it’s the quality of residential and employment growth that makes it a must-have market for institutional investors. “
With a resident population of nearly 60,000, an average daily population of 100,000, 250 corporate offices, and more than 100 multinationals doing business within city limits, Doral is one of the fastest growing communities in Florida.
About Terra: The portfolio of South Florida-based real estate development and investment firm Terra includes luxury high-rises, single-family homes, townhouses, retail malls, office space, distribution centers, and apartment buildings. Terra’s development history also includes Neovita and Modern at Doral. Learn more at www.terragroup.com.
About Jamestown: Jamestown, LP, is an investment and management company with $ 11.2 billion in assets under management. Jamestown capabilities include acquisitions, capital markets, real estate management, asset management, retail leasing, design, sustainability and risk management. More information is available at www.jamestownlp.com.
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