Elysee Buys Blue Lagoon Shoppes Near MIA for $28M, $959/SF

Elysee Investments paid $28 million for Blue Lagoon Shoppes, a fully leased, 29,205-square-foot retail center at 1101 NW 57th Ave, just south of Miami International Airport. Keystone Holdings Group sold it, according to Commercial Observer and Connect CRE. It is the first sale since the center was completed in 2021.

Why it matters

Small, fully leased centers with national tenants are the part of South Florida retail that still trades at a premium. The 13 tenants include Starbucks, Chipotle, Panera Bread, Jersey Mike’s, BankUnited and Panda Express.

For retail brokers and agents, the price is the comp. At about $959 a square foot, it sets a high mark for single-story, credit-tenant strip retail in the Waterford Business District, though a pad-heavy center on 2.4 acres is not the same product as an inline strip.

Avison Young’s Brian C. de la Fé framed the pitch around tenancy and location. Avison Young represented the seller. Mario Borda of Borda Commercial Real Estate represented Elysee, a buyer that focuses on retail in Miami-Dade and Broward.

The numbers

$28 million over 29,205 square feet works out to about $959 a square foot. Both inputs come from the published reports.

We checked the Miami-Dade Property Appraiser. Folio 30-3131-015-0020 still shows Blue Lagoon Development LLC as owner, and the 2026 total market value is $8.4 million, roughly 30 percent of the reported price. The appraiser also lists 36,280 square feet of gross building area, more than the marketed 29,205, so the per-foot figure here uses the marketed leasable size. No sale is on the appraiser record yet, and we could not confirm the closing date.

What’s next

Watch for the recorded deed and any mortgage, which would confirm the closing date and the buyer’s entity. The appraiser’s value should also reset, which would lift the tax bill. Lender and financing terms were not disclosed. More on the market is in our South Florida coverage.