MIAMI—Miami Gardens Shopping Center has traded for $11.025 million. MMG Equity Partners snapped up the 112,141-square-foot grocery-anchored shopping center in Miami Gardens.
Miami Gardens Shopping Center is strategically located on Miami Gardens Drive, the
primary east-west commercial artery in northern Miami-Dade, and NW 7th Ave. The retail location offers an extremely dense and high traffic area: 60,000 cars pass the site daily and about 185,000 people live within three miles of the property.
“We were attracted to the center by the strong anchor sales generated by the regional supermarket chain,” Gabriel Navarro, principal of MMG, tells GlobeSt.com. “The stable tenant mix, and the immediate upside potential created by the vacant outparcel building, made the asset that much more attractive to us.”
Miami Gardens Shopping Center’s tenant mix includes a high-volume Presidente Supermarket, Family Dollar, Dot’s Fashions, and MetroPCS. While the shopping center was under contract, MMG signed leases with new tenants that increased the occupancy from 92% to 99% before closing.
“We intend to hold the asset for the long-term,” Navarro says. “We are in the process of making some minor cosmetic improvements to the property and will place long-term fixed rate debt on the property.”
MMG has been especially active on the retail acquisitions front over the past two years. The firm also has its eye on other retail acquisitions in the Miami area. The firm has focused primarily on distressed assets and loan purchases.
“As the number of attractive distressed deals available begins to decline, we are beginning to focus on value-add opportunities like this one,” Navarro says. “We remain focused on Florida retail, with a strong-preference for South Florida.”
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