The Real Deal Miami

Investors trade Kendall shopping strip for $7.7M

Property is fully leased to long-term tenants

February 02, 2016 10:30AM
By Sean Stewart-Muniz

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The Kings Creek Shopping Center on the northeastern edge of Kendall

The Kings Creek Shopping Center on the northeastern edge of Kendall

A trio of investors just put down $7.7 million for the Kings Creek Shopping Center in northeastern Kendall, marking the property’s fifth resale since it was first built in the 1970s.

The mixed-use strip is located on nearly 4.3 acres at 8100 Southwest 81st Drive near the Dadeland Mall. It’s split into two sections: single-story retail and second-story offices.

According to a LoopNet listing for the property, it’s completely leased out to 23 tenants — 11 retail and 12 office lessees.

Kings Creek has been owned for the last five years by a Florida company named Codax. Corp. It lists Antonio Rodriguez and Jesus Gonzalez of Miami as its managing members. The pair originally paid $5.75 million — or about $127 per square foot — for the strip in 2010, according to Miami-Dade County records.

Now, they’ve resold Kings Creek for $170 per square foot. That’s a price increase of almost 34 percent.

The buyer is a limited liability company called JDP Equities. It’s managed by three principals: Jose Pereira, Daniel Masso and David A. Perez.

No financing has yet been recorded for the deal, according to county records.