The Real Deal Miami

Here’s what sold between $1M and $6M this week

Two strip malls and a medical center traded for $13.6M total

March 27, 2015 11:15AM
By Sean Stewart-Muniz

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The Redwood Medical Center at 9175 Southwest 87th Avenue

The Redwood Medical Center at 9175 Southwest 87th Avenue

Miami-Dade

Redwood Medical Center: $5.4M

The Redwood Medical Center, which sits next to Baptist Hospital in Miami, traded hands for $5.4 million.

The property, at 9175 Southwest 87th Avenue, has three separate single-story medical offices, each with 6,000 square feet of space.

Commercial brokerage Marcus & Millichap represented both parties. The buyer was an LLC based in Pinecrest, and the seller was a Coral Gables-based company.

“This was an excellent opportunity for an investor to acquire a stabilized asset occupied by medical tenants on long-term leases,” Alex Zylberglait of Marcus & Millichap said in a statement. “Redwood Medical Center stands between two major hospitals, Baptist Hospital and South Miami Hospital, and has excellent visibility and accessibility.”

Stop and Shop, and Domino's

5877-5885 Ponce de Leon Boulevard in Coral Gables

Strip mall in Coral Gables: $3.9M

A strip mall in Coral Gables sold for $3.9 million — nearly four times its last sale in 2006 — to a private Miami investor, brokerage Marcus & Millichap announced recently.

Tenants of the 4,093-square-foot retail center, at 5877-5885 Ponce De Leon Boulevard, include Domino’s and Stop and Shop Market.

Marcus & Millichap represented the buyer and seller, according to a release.

“The Ponce De Leon commercial corridor services the University of Miami student and faculty population,” said Drew Kristol of Marcus & Millichap in a statement. “This was a great opportunity for the investor to acquire a property with long-term net leases, aggressive base rental increases and no management responsibilities on an irreplaceable corner location near University of Miami.”

The 10,000-square-foot site, which includes a paved parking lot, last sold for just more than $1 million in December 2006, according to Miami-Dade County property records.

Broward County

Wilton Manors shopping enter: $4.25M

A shopping center in Wilton Manors recently sold for $4.25 million, according to Broward County property records.

Located at 300-320 East Oakland Park Boulevard, the 14,906-square-feet retail center was built in 1974 and sits on a 0.8-acre lot. Modern Music is a tenant.

Oakland 4 bought the site for $2 million in 2011. The company sold the shops to Miami-based Guenni Holdings. 

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