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MIAMI-The local University Lakes Shopping Center has been sold for nearly $4.6 million. Calle Ocho Properties LLC paid about $92.85 per sf to Aegean Investors Ltd for the neighborhood shopping center. The buyer had a 7.3% capitalization rate, characteristic of the cap rates in today’s market, according to Thomas H. Brymer II, who represented Aegean Investors Ltd. in the transaction.

The 49,000-sf, grocery store-anchored center is located on Tamiami Trail (Southwest 8th Street) between Southwest 128th Court and Southwest 129th Place. The center currently is 100% leased to such tenants as Exito Nuevo, the local grocery store, Discount Auto Parts and Papa John’s pizza shop.

The property was listed on June 23 and the deal closed Oct. 8. Brymer says he has closed a number of deals in the area with low cap rates in the 7% range.

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