West Kendall Retail Hot
West Kendall retail is attracting a lot of investor interest, CREC SVP Harry Blyden tells us. Recently, Harry and CREC chairman Warren Weiser repped Loeb Partners Realty in the $14M sale of the 82k SF Sunset Strip Plaza in West Kendall. The sale price for the property--which is a nice Class-B property, but not a trophy (something sensible, not too flashy... like our first car or our junior prom date) means that buyers are willing to pay for well-located retail centers in the area. The prospect of future development on this site was particularly appealing to interested buyers, Harry says, given the neighborhood's continued population growth (about half a million people already live in a five-mile radius, and more are coming).
Located at 10855 Southwest 72nd St, the property is anchored by Presidente Supermarket, Family Dollar, and Sherwin Williams. Warren says the property attracted significant buyer demand and numerous qualifying bids. CREC will continue to be the leasing agent under the new ownership, the private SPI Sunset LLC, as it has been since 2000. The property is 97% occupied, up from 88% before it was on the market.