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Florida & Gulf Coast  + South Florida  + Retail  | 
Front exterior parking lot view of single-tenant retail building with the Staples logo above the entrance door

SRS Brokers $20M Sale of Staples-Occupied Retail Property in Miami

SRS Real Estate Partners’ national net lease group has completed the $20-million sale of a single-tenant retail property fully occupied by Staples on Biscayne Boulevard in Miami, FL.

SRS’s Joseph Simon represented the seller, Crescent Heights. The buyer was a private investor who in a 1031 exchange. The sale closed at a cap rate of 5.1%.

“While Staples has just 1.5 years remaining on its lease and is considered a higher risk tenant, the location on Biscayne Avenue in Miami, is considered prime real estate with favorable zoning,” said Simon. “These fundamentals provided the buyer with a promising long-term outlook and high potential for adding significant value in the near future, therefore a strong price was secured.”

The 20,288-square-foot property is located less than 4.5 miles west of Miami’s South Beach and is in a dense, infill location with high barriers to new development. There are 529,000 residents and 325,000 employees within a five-mile radius.

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SRS Real Estate Partners’ Simon

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition
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