The Real Deal Miami

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

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.

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