Walmart-anchored center in Miami Gardens hits the market

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

Miami /
Sep.September 27, 2017 10:30 AM

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
Lithia CEO Brian DeBoer with the Largo Honda at 554 Northeast First Avenue in Florida City and the Esserman dealership at 10455 Northwest 12th Street in Doral (Southern Oregon University, Google Maps, Largo Honda)
Off the lot: Miami-Dade auto dealership properties trade for $96M
Off the lot: Miami-Dade auto dealership properties trade for $96M
Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Cymbal's Asi Cymbal and Hector Torres with rendering of proposed Miami Gardens apartments (Jo Palma + Partners Corporation)
Cymbal DLT nabs $102.5M loan for site purchase, construction of Miami Gardens apartments
Cymbal DLT nabs $102.5M loan for site purchase, construction of Miami Gardens apartments
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
 Lionstone's Diego Lowenstein with 5901 Miami Gardens Drive (Lionstone, iStock, Loopnet)
Lionstone roars into Miami Gardens with $17M office building acquisition
Lionstone roars into Miami Gardens with $17M office building acquisition
From left: Edgardo Defortuna, Stephen Ross and Gil Dezer (The Related Companies, Fortune International Group, Dezer Development, iStock)
Brokers, developers rally to capture Formula 1 buyers during first Miami Grand Prix
Brokers, developers rally to capture Formula 1 buyers during first Miami Grand Prix
Gilbert Benhamou, Charlie Kushner, Laurent Morali and Nicole Kushner Meyer with 19199 Northwest 27th Avenue (LinkedIn, Kushner, Morali via Sasha Maslov, Google Maps)
Kushner to co-develop multifamily project south of Hard Rock Stadium
Kushner to co-develop multifamily project south of Hard Rock Stadium
Bridge Industrial founder and CEO Steve Poulos and the development site at 4310 NW 215th Street (Bridge Industrial)
Bridge Industrial nabs $154M construction loan for Miami Gardens project
Bridge Industrial nabs $154M construction loan for Miami Gardens project
arrow_forward_ios

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

Loading...