DDR scores $16.2M loan for retail center in southwest Miami-Dade

DDR has scooped up more than $51M in financing for its retail centers in South Florida in the last several weeks

Miami /
Jul.July 06, 2017 03:15 PM

DDR Corp. just scored another loan for one of its shopping centers in southwest Miami-Dade.

Records show the publicly traded real estate investment trust took out a $16.25 million mortgage on the 85,057-square-foot shopping center called Plaza Del Paraiso at 12100 Southwest 127 Avenue in Miami.

DDR’s DDRM Plaza Del Paraiso LLC closed on the financing from Morgan Stanley and Citigroup Global Markets Realty Corp.

DDR has scooped up more than $51 million in financing for its retail centers in South Florida during the past several weeks.

Just yesterday DDR scored a $33.75 million loan for the 5.5-acre retail center Midway Plaza at 5881 North University Drive in Tamarac. From the same bank, DDR also landed a $18.1 million mortgage for the Palm Beach Gardens shopping center Northlake Commons, last month.

Records show DDR bought the 9-acre Plaza Del Paraiso in 2003 for $15.3 million. According to records, that same year DDR bought Northlake Commons for $24.3 million and Midway Plaza for $24.8 million.

Plaza Del Paraiso tenants include Publix, T-Mobile, Subway and a Dollar Tree. The shopping center is fully leased, according to its website.

Compared to the rest of the country, South Florida’s retail market stands out. While retail real estate vacancies were up for most of the country in the fourth quarter of 2016, vacancies had declined to 5.7 percent in Miami, according to a Ten-X Retail Market Outlook report released in May. Rents averaged $23.37, and are projected to rise to $25.79 by 2020, according to the report.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Jorge and Jon Paul Perez with a rendering of the project (Getty, Related Group)
Related wins approval for another Wynwood mixed-use multifamily project
Related wins approval for another Wynwood mixed-use multifamily project
Cobblestone Commons at 8767 Boynton Beach Boulevard (Google Maps)
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
arrow_forward_ios

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

Loading...