In a submarket characterized by brisk retail demand, the fully occupied retail plaza at 18300 NW 2^nd Avenue in Miami Gardens has sold to 183 Capital, LLC, an affiliate of Triarch Capital Group, for $2,850,000. Colliers International Vice President Ivo Tsinev represented the seller, AS Ventures Inc. and Axiom Capital Advisors, LLC Principal Roberto Susi represented the buyer.

Comprised of a 7,300 SF single-story building and situated at one of Miami’s busiest intersections, with an average daily traffic of 119,000, the retail plaza is uniquely positioned the capture the customer base of various North Miami-Dade neighborhoods such as North Miami, Aventura, Miami Gardens, Miami Lakes and North Miami Beach.

“This property offered the buyer an opportunity to own a piece of the future of Miami Gardens,” noted Colliers Vice President Ivo Tsinev, who represented the seller. “This is a fully-occupied, income-producing asset in a neighborhood that is poised for growth in the near future of Miami, and points to growing interest in the submarket as the area welcomes new developments.”

Proposed nearby developments include the $3 billion American Dream Miami developed by Triple Five is expected and is expected to have a significant economic impact and revamp development in the area, if approved. With plans to be be built across 200 acres of land and feature 3.5 million square feet of retail and a portfolio of rides and attractions, the proposed mega-mall aims to expand Miami-Dade tourism offerings and attract the family vacationer audience that is currently drawn to Orlando-area theme parks. This massive-scale proposal has drawn attention and has led to parallel investments in the submarket, including a $17.1 million acquisition of 29.3 acres of vacant land near the proposed project in 2016.

“The property at 18300 NW 2^nd Avenue fit in with the strategic vision for the buyer, as they look to procure prominent retail corners across Miami-Dade. Corners assets are a key to successful redevelopments.” notes Axiom Capital Advisors Roberto Susi, who represented the Buyer.

Current tenants Elegant Beauty Supply and Buckeye Check Cashing both have just over two years remaining on their term and draw customers with their location within one of Miami’s most densely populated areas, boasting a residential population of 529,822 and daytime populationof 487,401 within a five-mile range.

Retail vacancy and net absorption in Miami Gardens has mirrored the trends countywide. The pent up demand in retail space during 2016 allowed the submarket to have the lowest vacancy rate recorded at 5.8 percent during the second quarter. The current vacancy rate in Miami Gardens is 6 percent, which is 20 basis points lower than what was recorded for fourth quarter 2016.

About Colliers International Group

Colliers International Group Inc.(NASDAQ and TSX: CIGI) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.

For the latest news from Colliers International, visit Colliers.com or follow us on Twitter(@Colliers) and LinkedIn. For the latest news from Colliers International in South Florida, follow us on Twitter (@ColliersSFL) and LinkedIn.

About Axiom Capital Advisor, LLC

Axiom Capital Advisors, is a full service commercial real estate brokerage providing advisory services including brokerage, landlord and tenant representation, as well as acquisition and consulting. Our focus is clearly centered on maximizing the value of a real estate asset. Whether serving in the capacity of broker, advisor, manager, owner or developer, our over forty five years of combined experience help leverage and combine knowledge, expertise and relationships for the benefit of our clients and projects. We have carved a niche in creating "off-market" opportunities which have proven invaluable in recent cycles