The Real Deal Miami

CVS-anchored plaza in Miami sells at markup

Shopping center was built in 2004 and last sold for $4.4M in 2013

June 25, 2015 12:00PM
By Sean Stewart-Muniz

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The CVS Plaza in the West Kendall area

The CVS Plaza in the West Kendall area

A recently built shopping center in the West Kendall area just sold for $6.45 million — a $2 million premium.

The shopping strip, named CVS Plaza, has 18,214 square feet of retail space and is fully leased. Tenants range from a preschool to a medical center, and many of them have leased space at the center for more than a decade.

The seller, a Brickell-based company, links back to Jack Glottman of Saglo Development. The company first purchased CVS Plaza for $4.4 million in 2013 from its builder, developer Gazit Globe, which constructed the strip in 2004.

Jack Glottman of Saglo Development

Jack Glottman, president of Saglo Development

Two years later, Saglo has collected $6.45 million for the plaza from a private company in Miami Springs. The buyer purchased the property as part of a 1031 exchange, which allows an investor to sell a property, reinvest into a new property with the revenue, and defer all taxes on the transfer, according to a press release.

Marcus & Millichap’s Kirk Olson, Drew A. Kristol and Jonathan Gerszberg listed the property. Jonathan De La Rosa and Scott Sandelin, also of Marcus & Millichap, brought the buyer.

“This was a rare opportunity to acquire a fully-occupied center with 65 percent of its tenants operating from the location for more than 10 years,” said Drew Kristol of Marcus & Millichap in a statement. “The property has excellent curb appeal and sits in a growing retail corridor of west Miami Dade County.”