Orion sells Kendall shops to MMG Equity Partners for $39M

Kendall Corners. Inset: MMG principal Gabriel Navarro
Kendall Corners. Inset: MMG principal Gabriel Navarro

Updated, 11:30 p.m., March 6: MMG Equity Partners paid $38.58 million for a shopping center in the Kendall neighborhood of Miami. 

Kendall Corners, a 97,189-square-foot retail strip at 12755 Southwest 88th Street, traded for nearly $400 a square foot, which is in line with the recent deals. Records show Orion Venture VIII KC LLC, an affiliate of Orion Real Estate Group, is the seller.

The 8.3-acre property is 92 percent leased to Ashley Furniture, Baptist Health South Florida, BankUnited, Mattress Firm, a salon and IHOP, according to MMG Equity Partners. The shopping center was built in 1975 and last sold for $31 million in 2013.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

HFF’s Chris Drew and Scott Wadler arranged the $27 million financing for the deal.

Miami-based Orion has worked with more than $2.5 billion of commercial real estate deals and has a portfolio of more than $500 million, according to its website. The firm is active in 17 states. About two years ago, it paid $28 million for the Shoppes at Jupiter.

MMG Equity Partners, meanwhile, sold a nearby shopping center in Kendall for $19.5 million in September, or $408 per square foot. MMG sold it at only a $500,000 discount from the asking price. It completed that project, the Shoppes at Kendall on 154th Street and Kendall Drive, in 2014. – Katherine Kallergis