First Washington Realty Sells Miami's Airpark Plaza for $83.25M in JLL-Brokered Deal
MIAMI, Oct. 12, 2026 – JLL Capital Markets announced the $83.25 million sale of Airpark Plaza, a 171,443-square-foot, fully leased shopping center anchored by Publix and Burlington at 5715 NW Seventh St. in Miami. First Washington Realty was the seller, and JLL represented it in the transaction. Publix Super Markets was the buyer.
JLL said the deal was the largest suburban Publix-anchored shopping center sale in Miami-Dade County in nearly 20 years. The sale price equates to roughly $486 per square foot based on the 171,443-square-foot figure.
Airpark Plaza Property Details
Airpark Plaza was built in 1971 and renovated in 2005. The property is 100% leased and sits on 12.6 acres. In addition to Publix and Burlington, tenants include First Watch, Truist Bank, Subway, Wingstop, TD Bank and Burger King.
The center is located at the corner of Northwest 57th Avenue and Northwest Seventh Street, where combined traffic counts reach 68,000 vehicles per day. It has access to the Dolphin Expressway, the Palmetto Expressway and Interstate 95. The property is adjacent to the Waterford Business District, which contains more than 3.5 million square feet of Class A office space, and is near Miami International Airport.
JLL Capital Markets Team and Comments
The JLL Capital Markets team was led by Executive Managing Director Danny Finkle, Senior Director Jorge Portela, Vice President Kim Flores and Associate Evan Lahr.
"Airpark Plaza is the definition of a generational retail asset — a fully leased, anchor-driven center in Miami's most active commercial corridor," Finkle said.
"The combination of tenured tenancy, sales performance and future income growth potential created an exceptional opportunity and drove strong investor interest in the offering," Portela said.
Miami Retail Market Context
The sale comes amid tight conditions in Miami's retail market. Miami recorded 404,000 square feet of positive net absorption and a 3.3% vacancy rate in the second quarter of 2026, with average retail investment pricing at about a 5.8% capitalization rate. Miami-Dade County's retail vacancy stood at 3%, and average asking rents reached $42.50 per square foot annually.
South Florida retail transactions averaged $442 per square foot in the second quarter of 2026, a figure that covers a broad mix of retail property types. Institutional-quality grocery-anchored retail in the Miami and broader Florida markets has traded at capitalization rates of roughly 5% to 5.7%, depending on asset quality and location.
JLL's announcement said the transaction underscored the scarcity of institutional-quality grocery-anchored retail in South Florida.
About First Washington Realty
First Washington Realty is a vertically integrated, institutional real estate investment firm focused on grocery-anchored and necessity-based shopping centers. The firm owns interests in and manages approximately $9 billion of assets, comprising 138 open-air properties totaling more than 21.5 million square feet across 21 states and Washington, D.C., according to JLL's announcement.
JLL Capital Markets provides capital solutions for real estate investors and occupiers, including investment sales and advisory, debt advisory and equity placement, and has more than 3,000 Capital Markets specialists worldwide.
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