After holding onto the property for nearly 40 years, The Brandon Co. has sold off Red Bird Shopping Center, a 92,089-square-foot shopping center in at 5761 Bird Road in Miami. Asana Partners paid $62.1 million for the retail center. Commercial Edge reports the asset last sold in 1986 for $6.5 million.
Milam’s Market, Walgreens, Orion Fuels and Ace Hardware anchor the fully leased retail center. Other notable tenants include Crown Wine & Spirits and Quest Diagnostics. The center’s average tenant tenure is 31.2 years and it sees 1.5 million visits per year with 338,000 unique visitors.
The property is located near the intersection of U.S. Roads 959 and 976. Residential properties in the Coral Gables and South Miami neighborhoods surround the asset.
JLL Capital Markets’ Investment Sales and Advisory Team consisted of Danny Finkle, Jorge Portela and Kim Flores.
The post The Brandon Cos. Sells Miami Retail Center After Nearly 40-Year Hold appeared first on Connect CRE.
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