Photo of Miami byShutterstock.

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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.

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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.

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Naranja Plaza is a 51,246-sq.-ft. center anchored by DollarGeneral in South Dade which is experiencing a large amount ofresidential development. Built in 1980, the center sits on 4.09acres and has 742 linear feet of frontage along South Dixie Hwy.The center is 100% occupied with the majority of the tenantsoccupying the center for over 15 years.

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Westlake Plaza is a 43,781-sq.-ft. grocery anchored centerlocated on one of Miami's major East/West corridors. Built in 1959,the property consists of 5 buildings spread across 3.24 acres andhas 377 linear feet of frontage on the North side of Bird Road(40th street) and 109th avenue.

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Both Westlake and Naranja are located within Urban Town CenterZoning Districts in different parts of Miami Dade County.

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"We are very excited about both Westlake and Naranja Plaza, asboth are a rarity in today's market: value-add strip centers,located in infill areas of Miami-Dade County," says Marcos Puente,MMG's director of acquisitions, in prepared remarks.

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"The potential for both properties is enormous, given that ouraverage net rents are $9.50 and $14/psf at Naranja and Westlake,respectively; market rent at each is more than double our currentrates," he continues.

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The company expects the renovations will be complete within thenext two to three years.

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MMG has been an active buyer of Miami-Dade retail over the last12 months. In November MMG acquired the Centre at Cutler Bay for$16 million. In October the firm purchased 5850 Sunset Drive, ahistoric property in downtown South Miami as well as a retailproperty on the southwest corner of Miami Gardens Drive and 27thAve. In June, together with CREC and Highline Capital thepartnership acquired Homestead Pavilion for $62 million in one ofthe largest retail transactions of 2019.

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