The Real Deal Miami

Stockbridge Capital nabs Hialeah shops for $23M

Nearly 10-acre property last sold for $7.6M in 1991

July 20, 2015 11:15AM
By Katherine Kallergis

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El Mercado retail

El Mercado shops in Hialeah

Atlanta-based Stockbridge Capital has bagged a shopping center in Hialeah, Miami-Dade County records show. 

El Mercado Associates sold the shopping center at 2400 West 60th Street to Stockbridge El Mercado for $23.1 million on July 15. Stockbridge, a real estate investment management firm, also assumed the existing $17 million mortgage from 2006, according to county records.

Allen Greenwald is listed on the seller’s corporate records with an address matching Miami Beach-based Terranova Corp.

El Mercado shopping center was built in 1988 and sits on a 9.57-acre lot. It last sold for $7.625 million in 1991, marking a threefold increase, according to Miami-Dade property records.

Tenants of the 101,484-square-foot shops include Publix, GNC, SunTrust Bank, Western Union, Anna’s Linens and Pollo Tropical. The property includes 28 store bays ranging from 784 square feet to 42,112 square feet, according to a Terranova flier.

CREC’s Warren Weiser, Harry Blyden and Andrew Remick represented the seller.

South Florida-based Cayon Development Group sold a 3-acre shopping center in Hialeah last month for $11 million.