Grove Center - 2829 Bird Ave, Coconut Grove, FL
Retail | 6.21% CAP | 8,986 SqFt
Marketing description
AdviseCRE is pleased to present a premier investment opportunity to acquire the 100% fee simple interest in 2829 Bird Avenue, Coconut Grove, FL (“The Property – Grove Center”).
This best-in-class 8,986 square-foot multi-tenant retail center is strategically positioned in the heart of the coveted Coconut Grove submarket. Grove Center is currently fully occupied by nine tenants, most operating within the health, wellness, and lifestyle sectors, each of whom has invested substantial capital into high-quality interior buildouts. The property sits on a 15,000 SF parcel zoned T5-O, offering a blend of long-term optionality and strong existing cash flow.
Over the past three years, ownership has executed a thoughtful capital improvement plan, curating a highly complementary tenant, mix with strong co-tenancy and aligned customer bases. This merchandising strategy has created a cohesive ecosystem of operators that drive daily foot traffic and reinforce the center’s longterm stability.
The asset is positioned for continued rent growth, benefiting from above-market annual escalations and the ongoing upward trajectory of the Coconut Grove retail market.
Investment highlights
Prime Coconut Grove Submarket
Located in the heart of Coconut Grove, an affluent, high-barrier market known for upscale retail, dining, and top private schools. Strong in-migration, limited supply, and proximity to Biscayne Bay support long-term demand.
Stable In-Place Cash Flow with Embedded Upside
~3.0-year WALT across 9 diversified tenants, ~90% NNN with minimal expense leakage. Average in-place rents of ~$60 PSF remain below market, offering clear mark-to-market upside.
Scarce Small-Format Retail with Parking
Rare sub-1,000 SF suite mix in one of South Florida’s tightest retail markets, supported by strong co-tenancy. 17 on-site parking spaces with potential for 10+ additional nearby stalls—exceptionally scarce for Coconut Grove.
Covered Land Value / Redevelopment Optionality
Zoned T5-O (65 DU/acre, up to 5 stories, no defined FAR). The 0.34-acre site supports potential future redevelopment of ±20 residential units, providing long-term optionality.
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