NY investors pick up Miami Gardens shops for 3x last sale price

Chili's at the Shoppes of Ives Dairy in Miami Gardens
Chili's at the Shoppes of Ives Dairy in Miami Gardens

A shopping center in Miami Gardens sold for $9.6 million, according to Marcus & Millichap.

The fully leased site includes a Chili’s Restaurant, Bank of America, Starbucks, Wells Fargo, Amscot Financial and Foot Locker.

Kae’s Corner sold the 24,597-square-foot shopping center to a New York-based investment group, according to a press release.

The seller paid $3.2 million for the Shoppes of Ives Dairy, at 19801 Northwest Second Avenue, in July 2005, according to Miami-Dade County records.

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Kirk D. Olson and Drew A. Kristol, Marcus & Millichap vice presidents of investments, represented both parties.

“The center drew a large amount of investor attention due to the 2006 construction, impressive corporate tenant roster and high traffic corner location,” Kristol said in the press release. “The buyer assumed long-term non-recourse financing which provided just below an eight percent cash-on-cash return after debt service.”

The Miami Gardens shopping center was built in 2006 and sits on a 2-acre site. Jeremy Larkin and H.J. Rodstein are listed as managers on the seller’s corporate records.