North Miami Retail Sells For $550 PSF

Magnum Marine Corp acquired the retail building at 12150 Biscayne Blvd. in North Miami from Pacific Star Capital LLC for $19.8 million, or $550 per square foot.
The single-story, retail property operates as a Whole Foods Market, which signed a 20-year lease in 2013. The property totals 36,000 square feet and sits on 2.4 acres. The seller developed the property in May and subsequently sold it to the buyer, who used funds from a 1031 exchange.
Dennis Carson and Casey Rosen of CBRE represented the seller. Shaul Banouz represented the buyer.
 
Source:  CoStar