The joint venture of SJC Ventures and Nuveen Real Estate has obtained a $69.4 million loan for the development of Doral Marketplace, a 83,329-square-foot shopping center in Doral, Fla. Construction is slated to begin this autumn, while the initial store openings are expected in the latter part of the following year.
CBRE Capital Markets’ Debt & Structured Finance arranged the financing, with Richard Henry, Mike Ryan, Brian Linnihan and JP Cordeiro working on behalf of the borrower. Doral Marketplace was already 69 percent preleased to 12 tenants at the time of the deal.
SJC Ventures and Nuveen purchased the 10-acre parcel for $32 million from Bridge Industrial, as reported by The Real Deal. Cushman & Wakefield represented the seller.
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Whole Foods Market will anchor Doral Marketplace upon its expected completion next year. The tenant roster will also include Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa and Apizza Brooklyn Resto + Vino, among others.
Located on the corner of NW 41st Street and NW 107 Avenue in Miami’s Airport West submarket, the development site is next to Bridge Industrial’s 2.6 million-square-foot Bridge Point Doral industrial project, currently under construction. Downtown Miami is some 14 miles away.
Miami’s available stock stands out nationally
Miami’s lack of available retail inventory stood out out nationally, the metro’s vacancy rate measuring just 2.9 percent in the second quarter of 2024, according to a recent Marcus & Millichap report. The Miami Airport submarket—which had the third largest stock—logged a 60-basis-point vacancy drop to 2.8 percent.
Only 543,000 square feet of new retail space is expected to come online in Miami by the end of the year, the report also shows. This would be the second time in more than a decade that the annual completion total will measure below 600,000 square feet.