The Real Deal Miami

Goodman Co. snaps up Kendall shopping center for $29M

Wholesaler has 11 years left on lease with four options to renew for 5 years

August 29, 2016 10:30AM
By Sean Stewart-Muniz

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16200 Southwest 88th Street (Inset: Murray Goodman)

16200 Southwest 88th Street (Inset: Murray Goodman)

The Goodman Co. just closed its $28.75 million purchase of a Kendall retail building that’s anchored by a BJ’s Wholesale Club.

County records show Goodman bought the shopping center at 16200 Southwest 88th Street from a company linked to Cole Capital, a commercial real estate investment firm based out of Phoenix, Arizona.

With 113,000 square feet of leasable space, the acquisition breaks down to about $254 per square foot. It’s a freestanding building entirely leased by BJ’s, situated on about 9 acres.

According to a recent LoopNet listing for the property, BJ’s has 11 years remaining on its lease with four options to extend by five years each. It has a cap rate of 6.15 percent.

Goodman, which is headquartered in West Palm Beach, financed the deal with a $20.2 million loan from MC-Five Mile Commercial Mortgage, a New York-based lender.

The property last sold in 2006 for $25.75 million, or roughly $228 per square foot.

Goodman is best known as a retail and commercial developer responsible for the Phillips Point office complex in West Palm, as well as the 1.2 million-square-foot Granite Run mall in Pennsylvannia.

According to the company’s website, it’s no longer developing new projects, though it’s still looking for retail investments in a handful of choice states like Washington, Texas and Florida.