Continental Realty Corporation Expands into South Florida with CityPlace Doral Acquisition
Continental Realty Corporation (CRC) has made a significant investment in the South Florida retail market by acquiring CityPlace Doral, a premier lifestyle and entertainment center. This strategic move involves an $87.5 million acquisition of the 235,000 square foot facility, which features more than 30 retailers and restaurants, making it a vibrant hub in the Doral area.
A Retail Haven: What CityPlace Doral Offers
Located at 8300 NW 36th Street, CityPlace Doral is a grocery-anchored center that includes popular tenants such as:
- The Fresh Market
- Cooper’s Hawk
- Anatomy Fitness
At the time of purchase, the property was approximately 80 percent leased, ensuring robust occupancy and foot traffic. The complex also features a multi-level parking garage accommodating nearly 1,700 vehicles and offers easy access via a signalized intersection at NW 82nd Avenue.
A Strategic Entry Point into Florida’s Retail Market
Investment Background
The acquisition was facilitated through funds from the Continental Realty Opportunistic Retail Fund I, LP (CRORF) and related co-investments, which have collectively raised $323 million. Since launching in 2021, CRORF has acquired 15 retail properties, totaling approximately 3.75 million square feet. CRC’s portfolio has expanded significantly, with a history of nearly $1.3 billion in equity raised over numerous funds.
Insights from CRC Executives
Josh Dinstein, CRC’s Senior Vice President of Commercial Acquisitions, remarked, “CityPlace Doral is a differentiated asset. Given its exceptional roster of necessity, fitness, entertainment, and restaurant tenants, this center provides an excellent entry into the expanding South Florida retail market.”
Location & Demographics
CityPlace Doral’s strategic location sees more than 460,000 residents with an average household income nearing $90,000 within a five-mile radius. The area also boasts a daytime population of approximately 195,000, comprising employees from local major employers such as Carnival Cruise Lines and Jackson West Medical Center.
Expanding Doral: A Growing Submarket
Since 2010, Doral has seen a remarkable 82 percent growth, positioning it as one of the top 15 fastest-growing cities in the U.S. The city’s appealing business environment, coupled with a well-educated workforce, has drawn numerous firms, further boosting retail opportunities.
Notable Features of CityPlace Doral
- Open Community Gathering Space: Central Plaza serves as a vibrant community venue for events featuring a large digital screen.
- Diverse Tenant Mix: New tenants like Escapology, ManCave for Men, and PLA Sports Bar have recently been added to strengthen the existing offering.
Future Developments and Strategies at CityPlace
CRC aims to enhance CityPlace Doral further through:
- Targeted Leasing: Focusing on food, fitness, entertainment, and soft-goods retailers to enhance tenant diversity.
- Property Enhancements: Plans are underway to upgrade amenities and the parking facility to improve visitor experience.
Relevant Growth Statistics
- Visitor Footfall: The shopping center attracts over 2.3 million visitors annually, with 65% of these visits originating from local consumers.
- Job Market: The Miami area has seen significant job growth, leading to an unemployment rate of just 2.4%.
Conclusion: A Strong Investment for CRC
With CityPlace Doral’s established reputation and growth potential, CRC has made a significant move into Florida’s retail landscape. “With the opportunity to enhance leasing through high-profile tenants, this is an investment that aligns with our strategies,” stated CRC’s CEO, JM Schapiro.
As CRC continues its expansion in Florida, including 13 retail centers across the state, CityPlace Doral stands as a pivotal asset in the company’s growth strategy, reinforcing its commitment to investing in key urban markets.
For more insights into retail market trends and further information on Continental Realty Corporation, visit their official website.