Miami shopping center sells for $137 per square foot

A private investor from New York City bought Gardens of Miami Center, a Miami shopping center, for $7.2 million, or $137 per square foot.

The two-story shopping center at 4840 Northwest 183 Street spans 52,467 square feet. Gardens of Miami Center was 21 percent vacant at closing. Its national tenants include Bank of America, Check ‘N Go, Dunkin’ Donuts, Humana and Metro PCS.

The Miami office of brokerage firm Marcus & Millichap exclusively represented the seller, a Miami investor.

The seller’s representatives from Marcus & Millichap were three vice presidents, investment, in Miami office: Jonathan Gerszberg, Drew Kristol and Kirk Olson.

“The seller purchased the property out of foreclosure, half empty with most of the tenants not paying rent. They did a great job stabilizing the asset,” Gerszberg said in a prepared statement.

The Marcus & Millichap team used the firm’s national platform to secure the buyer of Gardens at Miami Center, who expects to add value to the shopping center by further reducing its vacancy rate.