The Real Deal Miami

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

Kendall Corners, leased to Ashley Furniture, Baptist and more, sold for $400 psf
March 03, 2017 02:00PM

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.

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