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

Miami /
May.May 05, 2016 03:45 PM

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


Related Articles

arrow_forward_ios
Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
Fill’er up on retail: Gas station investor buys Kendall shopping plaza for $26M
Miami-Dade County hit with lawsuit over West Kendall resi project approval
Save Calusa nonprofit sues Miami-Dade over golf course redevelopment
Save Calusa nonprofit sues Miami-Dade over golf course redevelopment
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Cortland buys Kendall apartment complex for $99M
Cortland buys Kendall apartment complex for $99M
Cortland buys Kendall apartment complex for $99M
10660 Southwest 40th Street (Google Maps)
Tate Capital sells CVS Pharmacy y más location near Kendall for $16M
Tate Capital sells CVS Pharmacy y más location near Kendall for $16M
The Milestone Group's Jeffrey Goldberg and Robert Landin with Emerald Palms (Milestone, Emerald Palms via Grand Peaks)
Milestone Group pays $107M for Emerald Palms apartments near Zoo Miami
Milestone Group pays $107M for Emerald Palms apartments near Zoo Miami
Northbridge Investment Management Chair Stuart Lazier and the shopping center at 16508-16514 Southwest 88th Street (Google Maps)
Northbridge sells Aldi-anchored shopping center in West Kendall for $22M
Northbridge sells Aldi-anchored shopping center in West Kendall for $22M
Ryan Companies CEO Brian Murray and CFO Lisa Kro with 13241 Southwest 136th Street (Google Maps)
Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse
Ryan Cos. buys Kendall site, scores $28M construction loan for e-commerce warehouse
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...