The Real Deal Miami

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

25K sf strip mall sold for $9.6M
By Katherine Kallergis | April 23, 2015 11:15AM

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.

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.