Midtown Miami’s premier trophy retail center sold

MIAMI, Sept. 26, 2024 -  JLL Capital Markets announced today that it has secured the sale of Shops at Midtown Miami, a 347,740-square-foot grocery-anchored retail center in Miami, Florida.

JLL worked on behalf of the seller to procure the buyer, Benderson Development.

The Shops at Midtown Miami occupies over 18 acres and boasts an impressive leasing rate of 98.3%. Built in 2006, the center boasts an exceptional lineup of national retailers, including Target, Ross Dress for Less, Dick's Sporting Goods, Marshalls and HomeGoods, and attracts a steady stream of over 3.4 million annual visitors. With its strong tenant mix and reliable revenue, this property presents a secure and diverse investment opportunity. Additionally, the center offers the convenience of 2,860 structured garage parking spaces, ensuring an enjoyable shopping experience for visitors.

The Shops at Midtown Miami, situated at 3401 N Miami Ave., offers a prime location that caters to a diverse consumer base. With its proximity to major highways such as I-95, I-195 and I-395, this retail center provides easy access to popular neighborhoods including Miami Beach, Downtown, Design District and Brickell, making it appealing to both affluent residents and tourists. Surrounded by a vibrant mix of multi-family housing options and hotels, the center benefits from a bustling and dynamic local environment.

The Shops at Midtown Miami, a regionally-dominant center, benefits from its prime location and exceptional demographics. Situated in a five-mile radius, there are over half a million residents with an average household income of $91,184. The Midtown Miami district spans across 56 acres, the thriving mixed-use development district boasts an impressive array of completed retail, office and residential units, with ongoing construction adding even more to its allure.

JLL Capital Market's Investment and Sales Advisory team representing the seller was led by Senior Managing Director and Co-Lead of JLL's Retail Capital Markets team Danny Finkle, Senior Directors Eric Williams and Jorge Portela and Vice President Kim Flores.

"The Shops at Midtown Miami is one of South Florida's most exciting projects set within a dynamic, high-energy location," commented Finkle. "Projects of this quality and scale in a highly sought-after market like Miami rarely trade."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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