Shelves are growing barren inside the Dollar Tree store in Islamorada. One of the few shopping options in the village, the place once known for its signature “everything is $1” is set to close in mid-July.
The property, which consists of a roughly 9,000-square-foot retail building, sold for $2,050,000 to MM 82.790 LLC, in July 2021. The building is situated on 24,829 square feet of land along Overseas Highway in the heart of Islamorada’s business district.
As to what will occupy the building at MM 82.7, property manager Gardo Gomez told Keys Weekly that a tenant will occupy the space. MM 82.790 LLC is managed by Shawn Tolley and John Cioffi, of Sandal Factory Inc. Gomez serves as executive vice president of operations for Sandal Factory. The Sandal Factory in Islamorada is located not far from the Dollar Tree at MM 81.9.
“As much as everyone needs housing, especially for employees, that’s not what’s happening here,” Gomez said.
Koniver Stern Group negotiated the sale of the Dollar Tree store last summer.
“This was a great opportunity to purchase a cash-flowing asset in a high barrier of entry market place, with future redevelopment upside,” said Jordan Spitz, of Koniver Stern Group, at the time of the sale. “We have seen a huge demand in 2021 from buyers wanting to purchase investment properties in South Florida.”
Dollar Tree is reportedly set to close July 17. Dollar Tree’s exit leaves few options for residents and visitors seeking household items and other essential supplies in the heart of Islamorada. The shopping options include CVS Pharmacy, located next to the dollar store, Publix Supermarket and the local grocery store Trading Post and the new Keys Mercantile at MM 87.
