The Real Deal Miami

Walmart takes 41K sf at Palmetto Gardens Plaza

Owner of Miami Gardens shopping center reaches foreclosure deal

October 08, 2013 01:00PM

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Rendering of Walmart at 3799 Northwest 167th Street in Miami Gardens, and plaza principal Alan Macken

Walmart has signed on to anchor Palmetto Gardens Plaza, just as the shopping center escapes foreclosure, according to a spokesperson.

Palmetto Design Center, the owner of the 7.1-acre site at 3799 Northwest 167th Street in Miami Gardens, recently reached a settlement with PNC Bank. In 2010, the bank filed a foreclosure action against the landlord. A $4.5 million loan from Hudson Financial Services contributed to funding the settlement.

Things continue to look up for the 63,000-square-foot shopping center. Walmart signed for 41,000 square feet, and an extra 20,000 square feet of space is available. The owner expects Walmart’s arrival will create about 90 jobs.

Newmark Grubb Knight Frank broker David Larson represented the owner in securing the financing. Richard Schermer of Pathman Lewis LLP was legal counsel for the Walmart lease deal. — Mark Maurer

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