MIAMI—MMG Equity Partners has acquired two value-add stripcenters in Miami-Dade County for a combined $12.7 million. NaranjaPlaza, located at 27000-27100 S Dixie Hwy, Naranja was purchasedfor $7.1 million or $139 per square foot in an off-markettransaction. Westlake Plaza is located on Bird Rd. and 109th Ave.was purchased for $5.6 million or $128 per square foot. AmerantBank provided acquisition loans for both totaling $9.5 millionincluding a future advance for construction.

An MMG spokesman tells GlobeSt.com that the Westlake seller is aprivate family, and the original owners who built the center in the1950s. Two brothers, who own several properties in South Floridawere the Naranja sellers. The spokesman said the renovation planfor the properties is to update the façade, parking, lighting, andsignage. Naranja is expected to begin this year. Westlake is in theearly planning stage, and is expected to begin 2021.