Walmart-anchored center in Miami Gardens hits the market

Walmart has 18 years left on its lease with 16 five-year options

TRD MIAMI /
Sep.September 27, 2017 10:30 AM

Palmetto Design Center (Inset: Alan Macken)

A Walmart-anchored shopping center in Miami Gardens just hit the market for $12.5 million, according to a press release.

The 62,500-square-foot shopping plaza at 3791 Northwest 167th Street is asking about $200 per square foot. Records show North Miami Beach-based Macken Companies bought the 7-acre Palmetto Design Center in 2003 for $1.5 million.

Monte Greenberg, of Macken’s in-house real estate brokerage firm Macken Realty, is the listing broker. Alan Macken and Zvi Shiff of DZD Holdings entered into a joint venture, DZD Palmetto, to construct and lease the shopping center.

Walmart signed a 41,800-square-foot lease at the retail center in 2013. Other tenants include T-Mobile, Edible Arrangements, OPI Nails and Laundromart. The rest of the plaza was built in 2014, records show. A Spin Car Wash is planned on a 32,518-square-foot lot within the property, according to the release.

The Walmart Neighborhood Market has 18 years remaining on its lease with 16 five-year options. All other tenants have four years remaining on their leases with options ranging from 5 to 25 years. Last year, developers completed an 11,100-square-foot addition to the shopping center.

In 2010, PNC Bank filed a foreclosure action against the landlord. A settlement was reached in 2013 after Macken closed on a $4.5 million loan from Hudson Financial Services.

In July, Miami-based Courtelis Co. sold a Walmart-anchored retail center in Miami Lakes for $12.23 million. The site was developed by Courtelis in 2008. – Amanda Rabines 


Related Articles

arrow_forward_ios
Blackstone CEO Stephen A. Schwarzman and 5120 Northwest 165 Street

Blackstone buys two Miami Gardens industrial properties for $14M

3055 North Miami Avenue and Alex Vadia (Credit: Midtown Opportunities, TAMZ)

Controversial Walmart site in Midtown Miami sells for $26M

Marcus & Millichap’s Alex D. Zylberglait and 16320 Northwest 2nd Avenue

Toyota of North Miami locks up former FBI building near Miami Gardens for $13M

Northwest 167th Street and Ernesto Lopes of ahs Residential (Credit: Google Maps)

AIDS Healthcare Foundation sells three vacant lots in Miami Gardens

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

arrow_forward_ios