Retail Report
Average rent in this submarket increased 11% to $27.86, led by a few shopping centers that have crossed the $30 mark. Vacancy remains high, largely due to a Sears Essentials box that remains empty. An old center was redeveloped with a Walmart Neighborhood Market, and a new center is proposed in this submarket, which is a small pocket of Miami-Dade County, just south of the Broward County line, and close to two of the region’s interconnecting expressways: I-75 and Palmetto Expressway. The submarket also contains many bedroom communities, such as Country Club of Miami and Royal Oaks.
Completed Projects Palmetto Gardens Walmart Plaza, a 55,000 square foot center anchored by a Walmart Neighborhood Center, is nearing completion on the NWC of the Palmetto Expressway and NW 37th Ave., on the site of the former Palmetto Design Center. Other announced tenants are T-Mobile, CPR Cell Phone Repair and Lee Nails.
Proposed Projects Palm Springs Square, second quarter 2016, a 245,648 square foot center, is proposed on the SWC of NW 87th Ave. and 186th Street (Miami Gardens Drive). No tenants have been announced.
Tenant Moves Denny’s will open in a former Blockbuster Video space in Country Club North, on the NWC of NW 186th Street (Miami Gardens Drive) and 67th Avenue (Ludlam Road). Check Cashing USA and Cricket Wireless opened, and
La Brasa will replace Miami Subs in Vista Shopping Center, on the SEC of NW 186th Street and 67th Avenue. Weight Watchers closed and Dr. Phone Fix opened in Country Club Plaza, on the SWC of NW 186th Street and 67th Avenue.
Vacant Boxes Sears Essentials in Miami Gardens Shopping Center, on the SWC of Miami Gardens Drive and NW 57th Ave.
Demographics This submarket has an estimated 2014 population of 134,229. The population is 79% Hispanic and 12% African American. It is one of the youngest submarkets, with a median age of 35, and has an average household income of $62,701. Population in this submarket grew 8% between 2010 and 2014, and is projected to grow another 9% in the next five years. Daytime population in this submarket is estimated at 36,895.
TRENDS
29