(Crystal Proenza is associate editor of Real EstateFlorida.)

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MIAMI-Locally based MMG Equity Partners has acquired Town &Country Plaza, a 94,816-sf shopping center in Kendall for $22.5million. The firm utilized a $10-million bridge loan from WachoviaBank and its own equity in the deal with seller Town & CountryPlaza Inc.

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"The shopping center perfectly fits the profile of shoppingcenters that MMG is focused on acquiring in South Florida," saysGabriel Navarro, principal with MMG. "It sits at the most heavilytrafficked intersection of a strong trade area, benefits fromstrong anchor sales and traffic, and in our opinion has a strongupside potential."

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Town & Country Plaza, a class B property built in 1990, islocated at SW 152nd Street and 137th Avenue. The shopping center isanchored by Sedano's Supermarket and Navarro Discount Pharmacy,with tenants including Advance Auto Parts, Goodwill Industries andRey's Pizza. Average rental rates range from the low to mid $20sper sf. According to MMG, last year's estimates put the five-milepopulation around the center at 303,513 with an average householdincome of $69,189.

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MMG plans to make some capital improvements to the property overthe next year to further enhance its curb appeal. "We intend towork closely with both new and existing tenants to improve thetenant mix and grow their business," Navarro tells GlobeSt.com. "Aswith all of our properties, we intend to hold the property for avery long time."

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The center is located in the submarket currently enjoying thelowest vacancy rates in Miami-Dade County, according to a Marcus& Millichap third-quarter market report. The brokerage puts thevacancy rate at 3.9% and average rental rates at $25.05 for theCoral Gables/Kendall submarket.

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