Ground + Space today announced the sale of a Chili’s Bar & Grill property in Miami, Florida. Michael Zimmerman exclusively marketed the property, which generated multiple offers and was sold to an all-cash buyer. This corporate-guaranteed asset is a prime example of a stable, income-producing property that requires no landlord maintenance for ease of ownership.
Single-tenant, net-leased properties like this one continue to attract the most attention from investors. As the retail property market works to rebound from the difficulties of the COVID-19 pandemic, investors are targeting assets with minimal near-term risk. This Chili’s Bar & Grill Ground lease fit the bill perfectly, thanks to its scheduled rental increases, long-term lease and new construction.
This Chili’s Bar & Grill restaurant is new a newly constructed outparcel within Coral Reef commons, a new mixed-use development anchored by Walmart. At least 900 residential units are planned as part of the project’s multiple development phases, which will considerably increase foot and vehicle traffic to the site. The property sits at a highly visible corner site facing Southwest 152nd Street. Florida’s Turnpike—a major east-west thoroughfare—is less than one mile away. Visitors to the site have immediate access to Zoo Miami and the heart of downtown Miami just 20 miles away.
About Ground + Space
Ground + Space is a net lease brokerage firm that leads with an emphasis on personalized relationships. Michael Zimmerman and team have curated a brokerage firm and investment sales platform focused on boutique amenities and down-to-earth service. During these uncertain times, Ground + Space remains dedicated to providing best-in-class services and results to our clients. We have several listings available featuring retailers that are in a prime position to succeed in a post-pandemic economy. Contact us today to find out more!