MIAMI—Two grocery-anchored shopping centers have traded in Miami. MMG Equity Partners snapped up Colonial Shopping Center for $5.4 million and Tropical Shopping Center for $1.6 million in off-market transactions.
“We were attracted to both of these assets because they grocery-anchored centers in infill areas of Miami-Dade at a low per-square-foot price,” MMG principal Gabriel Navarro tells GlobeSt.com. “We plan on making capital improvements to both and over time improving the tenant mix.”
Located at 450 NE 125th Street in North Miami, Colonial Shopping Center spans 64,000 square foot shopping center anchored by a high-volume Presidente Supermarket and also occupied by Simply Fashions and Wellmax. At the intersection of West Dixie Highway and NE 125th Street, Colonial Shopping Center sits in the center of the densely populated North Miami trade area.
Located at 8100 North Miami Ave, Tropical Shopping Center is anchored by a Tropical Supermarket. MMG also acquired several other shopping centers, including a Publix-anchored retail strip, in the past year and Navarro reports additional acquisitions in the pipeline.
“Our focus continues to be retail shopping centers in Florida with a preference for South Florida,” Navarro says. “Half of our acquisitions in 2012 were distressed opportunities. We expect for 2013 to be similar. We continue to focus on acquisitions that we feel have strong upside potential over the next three to five years.”