Dollar Tree & InnovaCare Health Hialeah,Florida

$10,910,000
Property type:Multi-Tenant / Shopping Center

The space

  • Price: $10,910,000
  • Cap Rate: 5.50%
  • Rentable Square Feet: 30,000
  • Price PSF: $363.67
  • Net Operating Income: $600,000
  • Land Area: 0.68 Acres
  • Year Built: 2020

Description

1575 West 29th Street
Hialeah, FL 33012 (Miami MSA)

Investment Highlights

  • 30,000 Square Feet of Retail and Medical Office Space, 100 Percent Occupied
  • InnovaCare Will be Investing Approx. $5 Million in Interior Buildout & Equipment
  • Brand New Location | Dollar Tree is Now Open and InnovaCare Will Open in Early 2021
  • Part of a New Mixed-Use Development; Other Tenants Include Wawa, Taco Bell, and 260-Unit Apartment Community
  • Population Over 210,000 Within a Three-Mile Radius, and 410,000 Within a Five-Mile Radius
  • Mixed Use Development at the Signalized Intersection of West 16th Avenue, West 29th Street and Okeechobee Road with a Combined Daily Traffic Count of More Than 87,000 Vehicles
  • Within Close Proximity to Palmetto Expressway, a Major Roadway in the Area With More Than 275,000 Vehicles Daily
  • Surrounding National Retailers Include Walmart Supercenter, Home Depot, Staples, Lowe’s, Target, Best Buy, LA Fitness, BJ’s Wholesale, Dollar General, T-Mobile, Tire Kingdom, Applebee’s, Arby’s, McDonald’s, Burger King and Many More
  • Part of the Miami MSA With a Population of More Than 2.7 Million

 

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a new 30,000-square-foot, multi-tenant retail and medical office property in Hialeah, Florida. This plaza is 100 percent occupied by Dollar Tree and InnovaCare Health. This is a brand-new location, with Dollar Tree now open and InnovaCare opening in early 2021. InnovaCare will be investing approximately $5 million in interior buildout and equipment. Dollar Tree and InnovaCare Health are part of a new, mixed-use development which also includes a Wawa Gas Station and a 260-unit apartment building, currently under construction.

Dollar Tree consists of 10,000-square-feet of retail space. This corporate Dollar Tree has a new 10-year triple net lease with full term remaining. The lease offers three, five-year renewal options. InnovaCare Health has 20,000-square-feet of medical office space, with 4,600 square feet on the first floor and 15,400 square feet on the second floor. This tenant has a new seven-year, triple net lease with two, seven-year renewal options.

The area has very strong demographics and traffic counts. The population in the immediate area is over 210,000 within a three-mile radius, and 410,000 within a five-mile radius. The entire mixed-use development is positioned at the signalized intersection of West 16th Avenue, West 29th Street and Okeechobee Road with a combined daily traffic count of more than 87,000 vehicles. The property is within close proximity to Palmetto Expressway, a major roadway in Miami-Dade County with more than 275,000 vehicles daily.

The subject property is one mile from Westland Mall and surrounding national retailers including Walmart Supercenter, Home Depot, Staples, Lowe’s, Target, Best Buy, LA Fitness, BJ’s Wholesale, Dollar General, T-Mobile, Tire Kingdom, Applebee’s, Arby’s, McDonald’s, Burger King and many more. Dollar Tree and InnovaCare is 14 miles from Miami Beach, located in Hialeah, Florida which is part of the Miami MSA with a population over 2.7 million. Miami-Dade County is the most populous county in Florida. Miami welcomes over 14 million tourists per year with over 10 percent of the workforce in the tourism industry.

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