Miami shopping center sells for $137 per square foot

Brokerage firm Marcus & Millichap handled the sale of Gardens at Miami Center on 183 Street

Nov.November 20, 2016 10:00 AM
4840 NW 183rd Street in Miami

4840 NW 183rd Street in Miami

A private investor from New York City bought Gardens of Miami Center, a Miami shopping center, for $7.2 million, or $137 per square foot.

The two-story shopping center at 4840 Northwest 183 Street spans 52,467 square feet. Gardens of Miami Center was 21 percent vacant at closing. Its national tenants include Bank of America, Check ‘N Go, Dunkin’ Donuts, Humana and Metro PCS.

The Miami office of brokerage firm Marcus & Millichap exclusively represented the seller, a Miami investor.

The seller’s representatives from Marcus & Millichap were three vice presidents, investment, in Miami office: Jonathan Gerszberg, Drew Kristol and Kirk Olson.

“The seller purchased the property out of foreclosure, half empty with most of the tenants not paying rent. They did a great job stabilizing the asset,” Gerszberg said in a prepared statement.

The Marcus & Millichap team used the firm’s national platform to secure the buyer of Gardens at Miami Center, who expects to add value to the shopping center by further reducing its vacancy rate.

Related Articles


State report finds open gas valve fueled building explosion at Plantation shopping center

Breaking news: Apparent gas explosion rips Plantation shopping center

Brickell development site hits the market

Movers & Shakers: One Sotheby’s picks up Keller Williams team & more

Tampa-area shopping center with a Winn-Dixie sells for $29M

Developer proposes replacing part of a Margate shopping center with apartments

Palm Beach firm bags Atlanta-area shopping center for $10.5M

Stiles plans to develop a shopping center in Miramar