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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
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.