MMG Equity Acquires Pinecrest Shopping Center
MMG officials state it plans to undertake an extensive renovation of the property this year to enhance its curb appeal and tenant mix.
PINECREST, FL—Real estate investment firm MMG Equity Partners has expanded its retail portfolio with the purchase of the nearly 15,000-square-foot Pinecrest Shoppes here.
An affiliate of the Miami-based firm purchased the 14,558-square-foot shopping center on South Dixie Highway for $6.23 million or approximately $425-a-square-foot from Penn Suniland, LLC. The property was acquired by Penn Suniland in 2007 for $6.85 million.
MMG officials state it plans to undertake an extensive renovation of the property this year to enhance its curb appeal and tenant mix. The property is located at 11635 South Dixie Highway, adjacent to the Suniland Shopping Center on US1 and 117th Street, which is one of Miami-Dade’s busiest retail corridors. The more than 80,000-square-foot Suniland Shopping Center sold for $811-a-square-foot in 2016 to Dividend Capital Diversified Property Fund in a deal valued at approximately $65 million, according to published reports.
MMG Principal Gabriel Navarro says the firm was attracted to the Pinecrest Shoppes property because of its strong real estate fundamentals that included 85,000 vehicles traveling per day on US1 and average household incomes of $128,000 within one mile of the property.
“We feel that with a modest amount of capital improvements we will be able to grow rents to be closer to market in the medium-long term,” Navarro says. “Pinecrest Shoppes is well positioned to serve some of Miami-Dade’s most prestigious suburban communities that surround it such as Pinecrest, Coral Gables and South Miami.”
Pinecrest Shoppes’ tenant roster includes: Verdeja School of Ballet (6,734 square feet); Pinecrest Pediatrics (2,550 square feet); Second Showing Boutique (1,456 square feet); Spectacular Spa (2,547 square feet) and Nationwide Insurance (1,271 square feet).
In February, MMG Equity Partners, through a joint venture, acquired a 7,062-square-foot retail building at 2948 North Federal Highway in Fort Lauderdale for a little more than $2.7 million The property last sold for $3.85 million in 2005.
The building, located on US1 just south of Oakland Park Blvd, was formerly occupied by Fidelity Investments and was purchased vacant. While under due diligence, the MMG joint venture signed a long-term lease with Natuzzi Italia to occupy the building.