Walmart is set to anchor Terra’s Doral Atrium retail development with a neighborhood grocery store that will occupy 52 percent of the shopping center.
The Arkansas-based retail giant inked a 40,344-square-foot lease at the 78,000-square-foot project at the northwest corner of Doral Boulevard and 79th Avenue, according to a news release from Terra. Construction is expected to begin this fall, with the Walmart slated to open next year.
Doral Atrium is 95 percent leased, with tenants including PNC Bank, Bonchon Chicken, Sushi Mas, Tremble Pilates and The Good Feet Store. Only 8,000 square feet of retail space is up for grabs. Jonathan Carter and Pablo Camposano of Colliers are handling the leasing.
The Walmart Neighborhood Market format is smaller than a Walmart Supercenter but offers groceries as well as household goods, health and beauty products, pet supplies and an in-store pharmacy. Elsewhere in Doral, Walmart owns the 287,500-square-foot retail center at 8651 Northwest 13th Terrace where its supercenter anchors the plaza, records show.
The city has grown to more than 87,000 residents. Terra’s Doral Atrium is surrounded by thousands of apartment units and single-family homes and is near CityPlace Doral and Downtown Doral. Current listings show asking prices for retail leases between $45 and $60 per square foot.
The Walmart deal adds another national retailer to Terra’s growing South Florida retail portfolio. The developer’s other retail projects include Doral Square, a 150,000-square-foot center at the entrance to Downtown Doral; Centro City, a neighborhood retail project alongside a multifamily community in West Little Havana; and Grove Central, a Target-anchored, transit-oriented mixed-use development in Coconut Grove.
Terra has built a sizable residential portfolio in Doral, including Modern Doral, Neovita, The Reserve at Doral, Doral Cay, Vintage Estates, Las Ramblas and Las Sevillas. The projects range from single-family homes to gated townhome communities, with Modern Doral totaling 319 residences and Neovita comprising 142 townhomes and 80 single-family homes. Terra has collaborated with PPK Architects on several of the communities, while Alta Developers partnered with Terra on Neovita.
Read more
“I live worried”: Terra’s David Martin on what drives him, which branded condos work … and more at The Real Deal’s Salon Series Miami
IMC Equity bulks retail holdings with $74M Doral shopping center purchase
David Martin’s Terra nabs $291M refi for mixed-use project near Miami’s Little Havana
