Restaurant in Kendall Submarket

Marcus & Millichap is pleased to present for sale the property located just off the hard corner of SW 72nd Street (Sunset Drive) and SW 117th Street in the heart of Kendall submarket of Miami, Florida. The property consists of an approximately 7,000 square foot restaurant building with many luxury upgrades such as high ceilings, a sunken full bar area, private dining space all equipped with individual electrical connections, extensive kitchen prep space, walk-ins, storage and manager’s office. The property benefits from combined traffic counts of nearly 70,000 VPD on the signalized intersection. There is ingress/egress
and substantial signage located along SW 117th Avenue, as well as through a median cut along Sunset Drive.
Additional tenants within the retail center are the Original Pancake House, an insurance office, and professional real estate offices with ample shared parking for all tenants. Miami-Dade Community College – Kendall Campus and Florida International University are both less than five miles from the subject property. Within 5-minute drive time is the 80-acre Palms at Town & Country Mall with plans to redevelop a portion of the complex by building a 12-story apartment buildings on the site of the Kohl’s building at 11800 Mills Drive that will include 630 apartments in the two towers with a combined 35,000 square feet of retail creating a live and shop plaza. Further extensive commercial expansion taking place at the Kendall Town Center, a 160-acre master planned development, home to 133-bed West Kendall Baptist Hospital, The Pointe at Kendall Town Center which includes 5 outparcels and retail center totaling 54,982 square feet, a Townplace Suites by Marriott, a 116-room new hotel, The Residences by RSR, which includes a 200-bed adult living residence and a brand new multifamily community of 576 units being constructed directly adjacent to the subject site.
Prominent owners and developers are addressing the need of additional retail, office, restaurants and residential requirements of this densely populated mature trade area known as the Kendall Submarket and currently home to more than a half million people within a 5-mile radius with an above average income in excess of $90,000.
The current tenant remains at this location on a month-to-month basis with intent of vacating in the next ~12 months. This opportunity allows for an owner/user to retrofit for an alternative or restaurant use for occupancy and/or an investor a future lease with a brand new tenant. This is an ideal retail redevelopment opportunity, professional owner/user retrofit or maintain as a fully built-out restaurant or nightclub space in a professional business district bordering high density residential. Low retail vacancy in the Kendall submarket with expected rent growth creates for potential upside.