The Real Deal Miami

Investors pick up Hialeah shopping center for $11M

Retail strip was built in 1984

June 15, 2015 11:15AM
By Sean Stewart-Muniz

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The shopping center at 3800 West 12th Avenue in Hialeah

The shopping center at 3800 West 12th Avenue in Hialeah

An investment company just picked up a Hialeah shopping center for $11 million.

The two-story retail strip sits on a roughly three-acre lot and has 74,346 square feet of commercial space. It is located at 3800 West 12th Avenue, and is bordered by homes on three sides and another shopping center to the north.

The seller is a holding company linked to the Cayon Development Group, a family-run builder of residential and commercial properties in South Florida. The building was constructed in 1984.

An outparcel abutting the shopping center was not included in the sale. It is owned by Regions Bank, which has a branch there. Cayon’s founder, Roberto Cayon, sat on the board of Region’s predecessor, Union Planters Bank, for two years, according to company’s website. His son, Mauricio Cayon, is the company’s current president and Chief Operating Officer.

W 12th Ave Investment is the buyer. No information on the company was available.

Hialeah has seen renewed attention from national companies like Lennar Corp. and BBX Capital in recent years.