Equity One picks up Miami shops for $11.8M

Last sale was for $750,000 in 1988

Aug.August 28, 2015 11:15 AM

The Bird Road retail center in unincorporated Miami-Dade County

Equity One, a New York and Miami-based real estate investment trust that specializes in retail properties, just paid $11.8 million for the Bird 107 Plaza near the Westwood Lakes neighborhood of Miami.

The property is a 2.3-acre shopping center at 10591 Southwest 40th Street in unincorporated Miami-Dade County. It has one single-story building with 34,178 square feet of space, a parking lot and two outparcels occupied by Pizza Hut and Checkers, according to Miami-Dade property records.

The seller is a company named Bird 107 Partners, managed by an affiliate of Paul H. Abramson. It acquired the plaza in 2013 during a merger with another company titled M.P.B. Partners, which paid only $750,000 for the property in 1988.

Todd Weintraub, David Donnellan and Patricia Friend of CBRE

Commercial brokerage CBRE was hired by the seller to market Bird 107 Plaza. Todd Weintraub, David Donnellan and Patricia Friend of CBRE brokered the deal.

“The Equity One acquisition of Bird 107 Plaza complements the company’s other shopping center holdings in the immediate vicinity on the Bird Road corridor,” Todd Weintraub, first vice president with CBRE, said in a statement. “The center has numerous attributes including continuous long-term tenancy, significant upside potential in the rental stream and a high-density, family-oriented trade area with over 85,000 vehicles per day passing the shopping center.”

According to county records, this is the property’s second resale since it was first built in 1962 (not including the merger).

Equity One has been busy in the South Florida market recently, selling a Publix-anchored plaza in West Palm Beach for $16 million in July and a Coral Springs shopping center for $12 million last year.

Related Article

From left: Kyle Jones of Stiles Corp., Mark Corlew of Grover Corlew, Christian Lee of CBRE, Rod Loschiavo of Colliers International South Florida, and Greg Martin of Avison Young

South Florida office market has upside potential for developers, investors: panel

Foreigners emerge as the new heavyweights in China’s commercial property market

Report: Availability of U.S. warehouse space last year was the lowest since 2000

Arden Karson lists townhome at L’Hermitage

First Industrial Realty Trust pays $9M for Pompano Beach site

Co-working firms aren’t happy about CBRE launching competitor company

Metropica taps CBRE for first planned office building

Recession revisited: CBRE settles class action suit for $100M