A Miami Gardens retail center changed hands for $21.5 million.
The 185,000-square-foot center at 15095, 16301, 16381 and 16386 Northwest 57th Street was sold by CANAM Ventures, South Florida Business Journal reported. CANAM owned the property for 25 years before deciding to sell it.
Wesport, Conn.-based RAND is the buyer. The company did not obtain financing for the purchase.
RAND plans to make significant improvements to the center and overhaul the leasing program, according to company president Jim Randel. Several potential tenants have already expressed interest, and one new lease has been signed in the month since RAND made the acquisition. [South Florida Business Journal] — Eric Kalis