The Real Deal Miami

Local investors nab retail site off of US 1 in Miami

New 6,000 sf retail strip sold for $4.25M

May 11, 2015 02:15PM
By Katherine Kallergis

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Mizzen Plaza, Matt Martinez and Fabio Faerman

Mizzen Plaza, Matt Martinez and Fabio Faerman

A Jimmy John’s-anchored strip mall north of Coconut Grove sold to local investors on Friday, The Real Deal has learned.

The 6,000-square-foot building sold for $4.25 million — three times the price the 19,000-square-foot lot last sold for in December 2012 — property records show.

An LLC, managed by Kent Knautz, a Jimmy John’s multi-unit franchisee, and Kenneth Backes, managing director of Mizzen Holdings, is the seller, according to corporate records.

Mizzen Plaza, at 2770 Southwest 27th Avenue, is located across the street from the Coconut Grove Metrorail stop, part of the proposed Underline linear park, and adjacent to a planned 184-unit apartment complex, which is being developed by Grass River Property.

Matthew Martinez, principal of Beacon Hill Property Group, represented the seller, and told TRD that real estate activity around Metrorail stops is increasing.

Directly south of the retail property is a 5-acre Miami-Dade County-owned parking lot for the Metrorail station, according to property records.

Fabio Faerman, of FA Commercial/Fortune International, represented the buyers, who paid in cash. Faerman said they were looking for income-producing real estate and received an $80,000 leasing credit for a vacant store in the building.

“They were looking for a nice cap of 6.25, which is very good for this market,” Faerman told TRD.

Mizzen Plaza was built last year and opened in October 2014. The Jimmy John’s drive-thru and Groovy’s Pizza, also a tenant, signed 10-year leases with 3 percent annual increases, Martinez said. Both tenants have at least 30 feet of street frontage with patio areas. The site includes 16 parking spaces.