Continental Realty Boosts Doral with $87.5 Million Retail Acquisition!

8300 Northwest 36th Street, Doral, FL, USA - On June 11, 2025, Continental Realty Corporation (CRC) took a significant step in its expansion into South Florida by acquiring the retail component of CityPlace Doral for a hefty $87.5 million. This impressive 235,000-square-foot grocery-anchored lifestyle and entertainment center is strategically located at 8300 Northwest 36th Street, just a mile west of the Palmetto Expressway and two miles from Miami International Airport. With 30 tenants like The Fresh Market, Cooper’s Hawk, Oakberry, and Anatomy Fitness, and a generous 1,700 parking spots, the center is 80% leased, ready to draw in the bustling local demographic.

This acquisition marks CRC’s first foray into the Miami-Dade County retail market. Previously, the property was owned by PGIM Real Estate, and the sale was facilitated by the commercial real estate powerhouse JLL, with senior managing director Danny Finkle and senior director Jorge Portela representing the seller. CRC, known for its focus on retail and multifamily properties, successfully financed this transaction through its Continental Realty Opportunistic Retail Fund I LP, which has raised approximately $323 million.

Growth in Retail Development

As urban development continues to thrive, Doral is poised for even further retail expansion. Notably, Codina Partners has recently secured a $39 million construction loan for a retail expansion in Downtown Doral. This signals strong interest in the area, which boasts a population of around 460,000 within a five-mile radius, where average household incomes hover around $90,000 a year.

This acquisition aligns seamlessly with CRC’s investment strategy, as stated by Josh Dinstein, the senior vice president of commercial acquisitions at CRC. With this new addition, CRC now manages assets exceeding $4 billion, including 13 retail centers throughout Florida. Their recent activity aligns with a broader trend; retail investment sales surged by 13% year-over-year in the first quarter of 2025, reflecting a positive outlook despite some macroeconomic challenges.

Market Conditions and Trends

The Palm Beach and Miami retail markets continue to show resilience despite some slowing in leasing activity. According to the latest report by Matthews, in Palm Beach, retail leasing activity saw a dip, with only 1.6 million square feet leased in 2024, down from 2.6 million square feet in Q3 2021. However, the retail sector’s fundamentals remain strong, with a vacancy rate of just 3.6% and 5.7% rent growth noted in 2024.

Conversely, Miami faced its own challenges, with real retail sales growth tapering off due to high inflation. Nevertheless, retailer interest remains robust, with 2.5 million square feet leased recently, indicating that both local and international brands want a slice of the vibrant Miami market. The constraints of limited space and rising demand are expected to keep rents climbing, positioning CRC’s new acquisition favorably within a competitive landscape.

As CRC sets its sights on optimizing the CityPlace Doral asset, there’s plenty of excitement surrounding Doral’s evolving retail scene—providing ample opportunities for consumers and businesses alike. With continued investment and development in the pipeline, residents can expect a richer array of shopping, dining, and entertainment options in the near future.

For more information, Commercial Observer reports the details of CRC’s expansion, while Commercial Search offers insights into industry trends surrounding retail investments. Additionally, Matthews provides a broader view of the market dynamics affecting South Florida’s retail landscape.