{"id":1004723410,"date":"2024-07-31T07:43:24","date_gmt":"2024-07-31T15:43:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004723410"},"modified":"2024-07-31T07:43:26","modified_gmt":"2024-07-31T15:43:26","slug":"nuveen-sjc-ventures-get-69m-for-miami-retail-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nuveen-sjc-ventures-get-69m-for-miami-retail-project\/","title":{"rendered":"Nuveen, SJC Ventures Get $69M for Miami Retail Project"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Doral<\/a>
The developers will break ground on Doral Marketplace this fall. Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n

The joint venture of SJC Ventures and Nuveen Real Estate has obtained a $69.4 million loan for the development of Doral Marketplace, a 83,329-square-foot shopping center in Doral, Fla. Construction is slated to begin this autumn, while the initial store openings are expected in the latter part of the following year.<\/p>\n\n\n\n

CBRE Capital Markets\u2019 Debt & Structured Finance arranged the financing, with Richard Henry,\u00a0Mike Ryan,\u00a0Brian Linnihan and\u00a0JP Cordeiro working on behalf of the borrower. Doral Marketplace was already 69 percent preleased to 12 tenants at the time of the deal.<\/p>\n\n\n\n

SJC Ventures and Nuveen purchased the 10-acre parcel for $32 million from Bridge Industrial, as reported by The Real Deal<\/em>. Cushman & Wakefield represented the seller. <\/p>\n\n\n\n

\n\n\n\n

READ ALSO:<\/strong> 2024 Net Lease Retail Sales Volume & Cap Rates<\/a><\/p>\n\n\n\n

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Whole Foods Market will anchor Doral Marketplace upon its expected completion next year. The tenant roster will also include Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa and Apizza Brooklyn Resto + Vino, among others.<\/p>\n\n\n\n

Located on the corner of NW 41st Street and NW 107 Avenue in Miami\u2019s Airport West submarket, the development site is next to Bridge Industrial\u2019s 2.6 million-square-foot\u00a0Bridge Point Doral\u00a0industrial project, currently under construction. Downtown Miami is some 14 miles away.<\/p>\n\n\n\n

Miami’s available stock stands out nationally<\/h2>\n\n\n\n

Miami\u2019s lack of available retail inventory stood out out nationally, the metro\u2019s vacancy rate measuring just 2.9 percent in the second quarter of 2024, according to a recent Marcus & Millichap report. The Miami Airport submarket\u2014which had the third largest stock\u2014logged a 60-basis-point vacancy drop to 2.8 percent.<\/p>\n\n\n\n

Only 543,000 square feet of new retail space is expected to come online in Miami by the end of the year, the report also shows. This would be the second time in more than a decade that the annual completion total will measure below 600,000 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBRE arranged the financing.<\/p>\n","protected":false},"author":3014,"featured_media":1004723412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,1492,21742,21749,32781],"tags":[51470,32789,43901,51719],"class_list":["post-1004723410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-miami","category-latest","category-retail","category-southeast","tag-bridge-industrial","tag-cbre","tag-nuveen-real-estate","tag-sjc-ventures"],"acf":[],"yoast_head":"\nNuveen, SJC Ventures Get $69M for Miami Retail Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"SJC Ventures received $69.4 million in construction financing for the development of Doral Marketplace, a shopping center in Doral, Fla.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nuveen-sjc-ventures-get-69m-for-miami-retail-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nuveen, SJC Ventures Get $69M for Miami Retail Project\" \/>\n<meta property=\"og:description\" content=\"SJC Ventures received $69.4 million in construction financing for the development of Doral Marketplace, a shopping center in Doral, Fla.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nuveen-sjc-ventures-get-69m-for-miami-retail-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-31T15:43:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-31T15:43:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Doral_FL-e1722420793903.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-sjc-ventures-get-69m-for-miami-retail-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-sjc-ventures-get-69m-for-miami-retail-project\/\",\"name\":\"Nuveen, SJC Ventures Get $69M for Miami Retail Project - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-sjc-ventures-get-69m-for-miami-retail-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-sjc-ventures-get-69m-for-miami-retail-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Doral_FL-e1722420793903.jpg\",\"datePublished\":\"2024-07-31T15:43:24+00:00\",\"dateModified\":\"2024-07-31T15:43:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"SJC Ventures received $69.4 million in construction financing for the development of Doral Marketplace, a shopping center in Doral, Fla.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-sjc-ventures-get-69m-for-miami-retail-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/nuveen-sjc-ventures-get-69m-for-miami-retail-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-sjc-ventures-get-69m-for-miami-retail-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Doral_FL-e1722420793903.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/Doral_FL-e1722420793903.jpg\",\"width\":1920,\"height\":1440,\"caption\":\"The developers will break ground on Doral Marketplace this fall. 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