Miami — Colliers International South Florida has arranged the $14.9 million sale of ground-level retail space within Marinablue, a 57-story mixed-use skyscraper in downtown Miami.
Totaling 11,090 square feet, the retail space consists of seven retail condos currently occupied by CVS/pharmacy and Wine by the Bay. Located at 888 Biscayne Blvd., the ground-floor retail space sits across the street from the American Airlines arena and within walking distance to the upcoming Miami Worldcenter development.
CVS moved into its new location in mid-July, after signing a 25-year lease to occupy six of the condos. The other tenant, Wine by the Bay, occupies one unit and is also in a long-term lease. Aran Properties Inc., a European investor, purchased the retail condos from Miami-based Grouper MB Holdings LLC at a 4.22 percent cap rate. Marcos Puente of Colliers International represented both the buyer and the seller in the transaction.