A partnership between local developers Codina Partners and Gadinsky Real Estate sold the recently completed Doral Signature Shops for $9.1 million.
Marcus & Millichap’s Scott C. Sandelin and Edward Romo were the brokers for seller CC Lakeside OP, managed by Armando Codina, Seth Gadinsky, Daniel Hotte, Justin Schultz, Jim Carr and K. Lawrence Gragg. The buyer was Miami-based Palma Shopping, managed by Ricardo M. Valdes and Ernesto M. Palma.
“We are really proud to have developed this wonderful project with the Armando and his partners. It has been a picture-perfect partnership,” Gadinsky said.
The price for the 11,110-square-foot retail center at 11401 N.W. 41st Street equates to $819 per square foot. The capitalization rate was 5.1 percent, according to Marcus & Millichap.
“Doral Signature Shops was a rare opportunity for an investor to secure a newly constructed three-tenant retail center featuring long-term leases with high profile tenants,” Sandelin said in a news release. “For the growing segment of two to three-tenant, high-quality retail centers, this is a very significant sale in terms of deal size and cap rate.”
The tenants in Doral Signature Shops are Starbuck’s, Mercantil Commercebank and Graziano’s restaurant.
Another Codina-led company recently sold the neighboring Signature at Doral for $103.5 million. The area is just off the Florida Turnpike.