The Real Deal Miami

Two-year-old Kendall retail center fetches $19.5M

The developer of the fully occupied, 47,826-square-foot property sold it for $408 per square foot

September 17, 2016 11:00AM

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Shoppes at Kendall Drive

Shoppes at Kendall Drive

Brokerage firm Marcus & Millichap arranged the sale of the Shoppes at Kendall Drive for $19.5 million, or $408 per square foot.

Major tenants of the fully occupied 47,826-square-foot retail center include CAC Florida Medical, The Learning Experience and a Fuddruckers restaurant.

The seller, Miami-based Garden Village Shopping Center, is the developer of the Shoppes at Kendall Drive at 15400 Southwest 88 Street, which opened in 2014.

Two vice presidents in the Miami office of Marcus & Millichap, Kirk D. Olson and Drew A. Kristol, represented the seller in the transaction.

The buyer, a Miami-based investor, was represented by Michael Lapointe and Adam Greenberg of Newmark Grubb Knight Frank Capital Markets Group.

The seller chose from “multiple offers on the property” and the $19.5 million sale price was “97 percent of the total asking price,” Olson said in a written statement.