Carol City shopping center sells for $7M, developer to raze it

Miami /
Apr.April 03, 2015 02:15 PM

A shopping center in Carol City just traded hands for $7.1 million, and the buyer reportedly plans to redevelop it into a “Class-A” retail center.

The Carol City Shopping Center, on the corner of Northwest 27th Avenue and Miami Gardens Drive, is a 280,000-square-foot retail complex that was built in 1958 and  is currently 60 percent leased.

The buyer, I.M.C. Property Management, plans to demolish the plaza’s existing buildings within two years and expand it to a 300,000-square-foot shopping center, a publication reported.

The developer told the South Florida Business Journal that when finished, the plaza will be a $50 million development with positive economic impacts for Miami Gardens.

Marcus & Millichap agents Kirk Olson and Drew Kristol brokered the sale for both I.M.C. and the seller, New Jersey-based 82 SL Associates of Florida, the South Florida Business Journal reported. [South Florida Business Journal]Sean Stewart-Muniz

 

Related Articles

arrow_forward_ios
Michael Betancourt, Tyler Kuhlman & Dustin Ozga

Movers & Shakers: Colliers hires new brokerage director & more

Movers & Shakers: Colliers hires new brokerage director & more
Mihaela Coprean and Alfonso Costa Jr.

Movers & Shakers: Falcone Group hires HUD’s former deputy chief of staff, Metropica taps biz development director & more

Movers & Shakers: Falcone Group hires HUD’s former deputy chief of staff, Metropica taps biz development director & more
Michael S. Sheitelman and Josh Bank

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Brickell development site hits the market

Brickell development site hits the market

Brickell development site hits the market
Movers & Shakers: One Sotheby’s picks up Keller Williams team & more

Movers & Shakers: One Sotheby’s picks up Keller Williams team & more

Movers & Shakers: One Sotheby’s picks up Keller Williams team & more
Pembroke Pines retail center hits the market with a $20.65 price tag

Pembroke Pines retail center hits the market with a $20.65 price tag

Pembroke Pines retail center hits the market with a $20.65 price tag
WATCH: Where does retail real estate go from here?

WATCH: Where does retail real estate go from here?

WATCH: Where does retail real estate go from here?
Sephora building on Collins Avenue hits the market

Sephora building on Collins Avenue
hits the market

Sephora building on Collins Avenue
hits the market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...