Residents of Doral will get a new Walmart store.
The Bentonville, Arkansas-based retailer (Nasdaq: WMT) signed a long-term lease for 40,344 square feet at 7955 N.W. 36th St., in Miami-based Terra’s Doral Atrium retail project.
It will host a new Walmart neighborhood market – a smaller format that has groceries and household goods, plus an in-store pharmacy – rather than the supercenter layout the company is known for. Opening is slated for next year.
Additional details, including potential plans for local hires, weren’t immediately available.
Doral Atrium offers 78,314 square feet of retail, with easy access to CityPlace Doral and Downtown Doral. Other tenants at Doral Atrium include PNC Bank (NYSE: PNC), Bonchon Chicken, Tremble Pilates and more. Walmart’s lease takes the development to about 95% leased, according to official figures.
“Walmart’s neighborhood market brings an essential, everyday use to Doral Atrium that complements the project’s broader mix and responds to the needs of a rapidly growing neighborhood,” Terra CEO David Martin said in a statement.
Doral had a population of 81,634 residents last year, according to the latest estimates from the U.S. Census Bureau. That was up about 7.6% from 75,872 residents in 2020. The median annual household income of $94,164 was above the countywide equivalent.
For its part, Walmart has been active in South Florida this year, including a 16-year lease for a newly built warehouse in Medley and a nearly $12 million acquisition of a 24-acre site for a new store in Westlake, plus plans to remodel 26 existing stores across Miami-Dade, Broward and Palm Beach counties.
Average direct asking rates for retail in Miami-Dade County rose to $44.34 per square foot in the third quarter, according to Colliers’ latest preliminary market report. That was up from $42.53 per square foot the previous quarter. Direct vacancy rates rose quarter over quarter to 3% from 2.9%. There was negative net absorption of 96,809 square feet year to date.
Average direct asking rates for retail were lower in Broward County, at $27.65 per square foot, and Palm Beach County, at $31.78 per square foot. Direct vacancy rates in those counties were higher, at 4.2% in Broward County and 3.9% in Palm Beach County.