CBRE Announces $49.2 Million Sale of Grocery-Anchored Retail Center in Miami

CBRE has announced the sale of Trail Plaza, a 181,558-sq.-ft. grocery-anchored community shopping center located at the southwest corner of SW 8th Street and SW 67th Avenue in Miami. The property was purchased by an entity controlled by Boston-based Longpoint Realty Partners, LP, for $49,285,000.

Built in 1987, Trail Plaza was 99% leased at the time of sale. The property features a diversified tenant mix anchored by Fresco y Mas (Southeastern Grocer’s Hispanic grocery concept), Walgreens, Harbor Freight Tools, and Party Depot. It also includes six outparcel tenants. The site totals 17 acres and is located in the extremely dense and infill West Miami submarket, two miles south of Miami International Airport and six miles west of Downtown Miami.

Casey Rosen and Dennis Carson with CBRE represented the seller, a MetLife Investment Management-advised client, in the transaction.

“Trail Plaza is generational-quality real estate with a seasoned tenant mix that has experienced remarkable leasing momentum since 2020,” said CBRE Executive Vice President Casey Rosen. “We believe the property has significant long-term upside in below-market rents and potential outparcel sales plus long-term land bank potential. The seller has owned and operated Trail Plaza for over 25 years, and we believe Longpoint is poised to continue the property’s upward trajectory.”