The Real Deal Miami

Kendall shopping center sells for $10.2 million

June 13, 2011 04:27PM

A Miami-based limited liability company has sold a 60,497-square-foot shopping center anchored by Babies “R” Us at 15625-45 North Kendall Drive in Kendall, Miami for $10.2 million, or $169 per square foot. Marcus & Millichap Real Estate Investment Services brokered the sale.

Drew Kristol and Kirk Olson, senior associates in the firm’s Miami office, represented the seller. Marcus & Millichap also represented the buyer, also a Miami Beach-based LLC.

“This transaction is a reflection of the increased interest among investors for well-located retail properties in Miami-Dade County,” Olson said. “Savvy investors are aware that many strong local and national tenants are looking to expand in supply-constrained submarkets such as Kendall.”

Built in 1985, the center contains the 42,341-square-foot Babies “R” Us store and an 18,156-square retail corridor. The Babies “R” Us component contained a mortgage from Principal Life Insurance, which had to be assumed.

Major tenants include Domino’s Pizza, Farm Stores and Sherwin Williams. TRD