Florida Retail Special Situation

Property Summary

Type: Retail
Size: 37,100 square feet
Location: Florida

Acquisition Summary

Source: Off-market, platform investment
Investment: $6.2 million
Ownership: Majority equity interest

Transaction Overview

Equity Resource Fund 2017 (F2017) invested $6.2 million in the development of a six-acre site into roughly 37,100 SF of Class A retail space in supply-constrained Doral, Florida. The site is being carved out of a larger parcel of land that was purchased and is currently being developed into Class A apartments by a joint venture between several entities including the sponsor and an affiliate of F2017.

The project represents an opportunity to take advantage of the strong retail demand in Doral, which will supply the already significant presence of nearby single- and multi-family residential projects. The city of Doral is a growing community, with an affluent population base and virtually zero retail vacancy. Today, the majority of the remaining space is either pre-leased or under LOI to strong regional or national tenants.