As commercial real estate investors turn their attention to downtown Miami, Colliers International South Florida is marketing four retail condominiums totaling $7.8 million on the ground floor of 900 Biscayne, a luxury tower across the street from the American Airlines Arena. Three of the four retail condos are occupied by Sushi Sake, Sagrado Brigadeiro, and StarFoods Market and Bistro, tenants with long-term leases, according to Colliers International Vice President Marcos Puente, who is marketing the units.

The asking price for each unit ranges from $3.25 million to $1 million, with cap rates ranging from 4.03 percent to 6.82 percent. The retail condos are priced to target one of the most active segments of the investment community, which is closing deals priced between $1 million and $5 million.

“This market segment has been virtually non-existent in the Downtown market where property prices are historically over the $5 million mark,” noted Puente. “These are stable, income-producing assets in Downtown Miami; really, the perfect match for smart investors doing 1031 exchanges.”

The Colliers Vice President is no stranger to the corridor, having successfully represented both the buyer and seller in the $14.9 million sale of the premium ground-floor retail condominiums next door, at 888 Biscayne. The deal was also a 1031 exchange, which allows investors to sell an asset and quickly reinvest the profit in another property to defer taxes.

“With all of the development in the area, Downtown Miami is poised for growth in rents and the opportunity at 900 Biscayne allows investors to capture some of this future growth,” added Puente.

The retail condos are located in the heart of a neighborhood experiencing an urban renewal. New developments currently under construction within a short walking distance of 900 Biscayne include Paramount at Miami Worldcenter; One Thousand Museum by the late Zaha Hadid, at which units are priced between $5,800,000 and $22,000,000; and All Aboard Florida, a commuter train connecting Broward, Palm Beach, and Orlando’s theme parks; and the newly opened Frost Museum of Science.

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Colliers International Group Inc.(NASDAQ and TSX: CIGI) is an industry leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

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