The Kendall Pointe retail center in the West Kendall area of Miami-Dade County sold for $22.35 million, a significant gain from its last trade four years ago.
NBIM Kendal LP, an affiliate of Toronto-based Northbridge Capital, sold the 77,051-square-foot retail center at 16500-16515 S.W. 88th St. (Kendall Drive) to an affiliate of Miami-based A+ Storage. The price equated to $290 per square foot.
The seller was represented by CBRE’s Dennis Carson and Casey Rosen. They said Kendall Pointe is anchored by Aldi and PetSmart. The building includes some office space on the second floor.
It’s also next to a property including BJ’s Wholesale Club and Walgreens.
Kendall Pointe last traded for $16.5 million in 2017. The gain in value, despite the negative impact the Covid-19 pandemic has had on the retail market, is a good sign for local shopping centers. Suburban retail has generally performed better than retail in business districts.
“Kendall Pointe is a very high quality and high-performing shopping center strategically positioned to serve the dense residential population of West Kendall,” Carson said.
It is also positioned near what is expected to be a focal point of future residential growth in southwestern Miami-Dade, the areas along Kendall Drive between 157th and Krome Avenues, Carson continued.
“This sale highlights the strong current demand by investors for quality grocery-anchored shopping centers that serve the daily needs of their local communities and that have thrived in the Covid environment,” he said.
Kendall Pointe was built on the 6.8-acre site in 2007.
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