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    Chili’s
    $3,612,000
    Plus Miami, FL
    Lease Type
    Ground
    Cap Rate
    4.90%
    Property Type

    Retail

    Building Size
    6,123 SF
    NOI
    $177,000
    Land Area
    1.59 AC
    Remaining Term
    10 Years
    Status
    Sold
    Michael Zimmerman
    Michael Zimmerman
    Founder
    Property Highlights
    New Construction in Under-Served Market

    The property is new construction that is now open for business within the larger Coral Reef Commons mixed-use development. The Chili’s 10-year Ground lease features scheduled rental increases every five years, as well as four options to renew. Anchored by Walmart and L.A. Fitness, other notable tenants within the development include Panera, PDQ, Noire the Nail Bar, Starbucks, Chipotle and more. The overall Coral Reef Commons development schedule includes the construction of more than 900 residential units. Chili’s is prominently positioned within this highly under-served area, which has a population of more than 363,000 within a five-mile radius. 

    Prominent, Accessible Location

    Chili’s sits at a highly visible corner site at the signalized intersection to the larger Coral Reef Commons retail center facing Southwest 152nd Street. The site is less than one mile from the major east-west thoroughfare Florida’s Turnpike, which sees daily traffic counts of more than 197,400. Visitors to this Chili’s restaurant also have immediate access to Zoo Miami, the largest zoo in Florida which sprawls across 750 acres and welcomes close to one million annual visitors.

    Major Metropolitan Market

    Coral Reef Commons and this Chili’s restaurant sit less than 20 miles from the heart of downtown Miami, which is known as the cultural, economic and financial center of South Florida. Residents have easy access to Interstate 75 and Interstate 95, Florida’s Turnpike and Miami International Airport, the third-busiest airport in the country. The Greater Miami area boasts a population in excess of 6.1 million residents. Every year, millions of tourists flock to the region’s many beaches and attractions, making this one of Florida’s most popular travel destinations.

    Chili’s
    Miami, FL
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