Miami strip mall commands $21M

Infill site occupied by chain restaurants

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Marcus & Millichap arranged the sale of the 75,862-square-foot Coral Reef Shopping Center in Miami. The value of the transaction was $21.2 million, or $279 a square foot.   Neither the buyer or seller's identity was disclosed. The property has nearly 400 feet of prime retail frontage along the six-lane US-1 corridor. Anchored by Office Depot, other tenants at the time of sale included Payless Shoe Source, Coral Reef Dental Center, Chicken Kitchen, Subway, Pizza Hut and others. "This trophy infill neighborhood shopping center is located in one of the strongest retail markets in South Florida," said Bryn Merrey of Marcus & Millichap's Miami office. "With a growing population and lack of developable land in the Palmetto Bay submarket, many shopping center investors in the area report waiting lists of tenants." Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide. ...