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South Florida

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

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.

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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.

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