Courtelis Co. sells retail center in Miami Lakes for $12.2M

Red Palmetto Shoppes sits on 7-acres and is anchored by Office Depot

Red Palmetto Shoppes
Red Palmetto Shoppes

Courtelis Co. just sold a retail center in Miami Lakes for $12.23 million to a Sugar Land, Texas-based company, according to a release.

Ham Palmetto LLC, led by Augusto Ham, bought the 59,925-square-foot retail center at 16000 and 16250 Northwest 57th Avenue for $204 per square foot.

An entity of Miami-based Courtelis Co. sold the shopping plaza, known as Red Palmetto Shoppes, 98 percent leased, according to the release.

CBRE’s David Donnellan, Todd Weintraub and Patricia Friend represented Courtelis Co.

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Red Palmetto Shoppes is anchored by Office Depot. Other tenants include Nutrition S’Mart, TD Bank, Chick-Fil-A, Firehouse Subs and Sally Beauty. Rents average about $26 per square foot a year, according to LoopNet.

The site, developed by Courtelis Co. in 2008, sits on 7 acres, records show.

Developers have been investing in Miami Lakes recently. Last year, Lennar Homes paid $74.4 million for 155-acres of land zoned for multifamily development in the area. And near Miami Lakes, Triple Five is planning American Dream Mall, a 6.2 million-square-foot project that would the biggest mall in North America.

Last month, Courtelis Co., led by CEO W. Douglas Pitts Sr., announced plans to build a Wal-Mart anchored shopping center in south Miami-Dade. – Amanda Rabines