The Real Deal Miami

SoFla developer wants $20M for newly built Kendall shopping center

Plaza's tenants include healthcare center, Fuddruckers and kindergarten
May 05, 2016 03:45PM

Shoppes at Kendall Drive

Shoppes at Kendall Drive

Two years after completing its Shoppes at Kendall retail project, developer MMG Equity Partners has placed the shopping plaza up for sale at $20 million.

The plaza is located at 15400 Southwest 88th Street on roughly 4.7 acres. According to an announcement of the listing from Marcus & Millichap, the 47,826-square-foot center is fully leased with 12 tenants, the largest of which are CAC Florida Medical health center, the Learning Experience kindergarten school, and Fuddruckers.

“The center has an excellent mix of national and local tenants, all with aggressive lease terms that ensure future [net operating income] growth and capital appreciation,” Drew Kristol of Marcus & Millichap said in the announcement. He’s listing the property alongside his colleague Kirk Olson.

MMG, through an LLC named Garden Village Shopping Center, bought the then-vacant land for $6 million in 2008, according to county records. After several years of holding the property, MMG began construction on the retail plaza in 2012 and wrapped up work in 2014.

The developer’s asking price breaks down to $418 per square foot. Sean Stewart-Muniz