The Real Deal Miami

Plaza Del Rey fetches $11.6M

Miami shopping center sold to local investor
By Eric Kalis | June 04, 2014 12:45PM

Plaza Del Rey

Plaza Del Rey

The Plaza Del Rey shopping center in Miami changed hands for $11.6 million, The Real Deal has learned.

PDR Holdings of Miami sold the 10000 West Flagler Street center last week, according to Miami-Dade County records. The company is managed by Martin Pico. It paid about $10.8 million for the nearly 52,000-square-foot center in March 2006.

Plaza Del Rey LLC of Miami Lakes is the buyer. It assumed a $7.9 million mortgage from a commercial mortgage-backed securities lender as part of the transaction. Rolando Hernandez is identified in loan documents as the manager of the buying company.

Built in 1987, Plaza Del Rey is anchored by Navarro Discount Pharmacy.

Drew Kristol and Kirk Olson of Marcus & Millichap represented both the seller and buyer in the transaction.