Kendall shopping strip trades for $6M
A Kendall shopping strip that was lost to foreclosure last year was just re-sold for $6 million.
The Shoppes of Killian, at 10834 Southwest 104th Street, has 33,906 square feet of leasable space and is 60 percent leased. Tenants include Subway, Sprint and Laundromart.
A news release from commercial brokerage Marcus & Millichap, which represented the owner, said a private investor recently purchased the Shoppes for roughly $178 per square foot. Listing agents Drew A. Kristol and Kirk D. Olson did not disclose the buyer, and the sale has not yet been recorded in Miami-Dade County records.
The center, built in 1988, was previously owned by a company named Killian Investors Corp. Harold and Lee Kessler of Palmetto Bay were the company’s managing members before it dissolved in 2013.
County records show that the owners were hit with a foreclosure lawsuit over a $5.5 million mortgage. The lender, Parkstone Capital Partners, won the lawsuit in 2013 and the retail strip fell under control of Wood Stone Kendal LLC — managed by a Parkstone investment fund.
“Shoppes of Killian’s strong high-barrier-to-entry retail submarket location and the opportunity to add value to the property by bringing the shopping center to a stabilized market occupancy rate made it extremely attractive to investors,” Olson said in the release. “The center is directly across the street from Miami Dade College’s Kendall campus and is the first center encountered by westbound traffic exiting the Florida State Road 874 Expressway.”