Miami Gardens Shopping Center acquired by MMG for $11 million

Real estate investment firm MMG Equity Partners has purchased the 112,141-square-foot Miami Gardens Shopping Center for $11 million from Ram Realty. Mark Gilbert and Adam Feinstein of Cushman and Wakefield represented the seller. The Presidente Supermarket-anchored shopping center, which is located at 18350 NW Seventh Avenue between NW 183rd Street and NW Seventh Avenue, is home to a Family Dollar, Dot’s Fashions and MetroPCS. “We were attracted to the center given the strong anchor sales, population density, and the upside potential available through lease-up,” said Gabriel Navarro, a principal at MMG. “While under contract we were able to sign leases with new tenants, increasing the occupancy from 92% to 99% prior to closing.” — Christopher Cameron