Elysee Investments paid $28 million for Blue Lagoon Shoppes, a relatively new, fully leased shopping center at 1101 Northwest 57th Avenue inside Miami's Waterford Business District, just south of Miami International Airport. The 29,205-square-foot property sits within the 250-acre business district, which is home to the headquarters of major companies such as Burger King, Subway and Lennar Homes.
The seller was Keystone Holdings Group, which completed the 2.4-acre asset in 2021. Blue Lagoon Shoppes has 13 tenants, including Starbucks, Chipotle, Panera Bread, Jersey Mike's, BankUnited and Panda Express. Mario Borda of Borda Commercial Real Estate represented Elysee Investments, while Avison Young's John K. Crotty, David Duckworth and Brian C. de la Fé represented the seller. Avison Young's de la Fé said in a statement that the strongest-performing retail investments today combine essential-service tenancy with irreplaceable locations, and that Blue Lagoon Shoppes delivers both through its national-credit tenant roster, full occupancy and strong location.
The purchase aligns with Elysee Investments' stated focus on retail properties in Miami-Dade and Broward counties. In 2024, the investor bought a 6.7-acre, grocery store-anchored property in Aventura for $48 million, indicating a pattern of acquiring fully leased, necessity-oriented retail assets in South Florida. The Blue Lagoon Shoppes deal suggests continued appetite for stabilized retail centers near employment hubs and transportation infrastructure.
What remains unknown is the capitalization rate, financing structure, or per-square-foot valuation implied by the $28 million price. Representatives for Elysee Investments and Keystone Holdings Group did not immediately respond to requests for comment, so buyer and seller motivations beyond the transaction itself are not documented in the source. The article also does not state whether the property was marketed or sold off-market.