MMG Equity Partners picks up Pinecrest Shoppes, plans renovations

Property sold for a $650k loss from its 2007 selling price

Miami /
Apr.April 23, 2018 01:30 PM

Rendering concept of Pinecrest Shoppes and MMG’s Gabriel Navarro (Credit: MMG)

An affiliate of MMG Equity Partners just paid $6.2 million for a shopping center in Pinecrest, with plans for a major renovation.

Pinecrest Shoppes, a 14,560-square-foot shopping center at 11635 South Dixie Highway, traded hands for about $425 per square foot. The seller, Penn Suniland LLC, bought the property in 2007 for $6.85 million, meaning it sold at a loss since the height of the market before the recession. Records show the company is represented by real estate attorney Peter Previti.

The property sits between the Suniland Shopping Center, and the former Whole Foods, where a Milam’s Market will soon be opening. An Ulta beauty store will also be opening just south of the shopping center, according to a press release.

In 2016, Dividend Capital paid $66.5 million for the Suniland Shopping Center, whose tenants include Flanigan’s, Piola, SunTrust, Citicorp, the U.S. Post Office and CVS. That sale price broke down to about $810 per square foot.

MMG is planning to renovate the shopping center this year and add to its tenant mix, according to a press release. The privately-owned firm concentrates on long-term ownership, development, and acquisition of commercial properties and has a portfolio of more than 2 million square feet across the United States and Canada, with a majority in South Florida, according to its website.

In November, MMG paid $17 million for the Meadows Square Shopping Center in Boynton Beach. – Amanda Rabines


Related Articles

arrow_forward_ios
Citadel's Scott Hazard and Ken Griffin with Southwest 94th Street in Pinecrest (1Oak Studio, LinkedIn, Getty)
Citadel migration continues: Exec buys Pinecrest home for 91% markup
Citadel migration continues: Exec buys Pinecrest home for 91% markup
Tricera Capita's Ben Mandell with rendering of The Press project (Tricera Capital)
Lease roundup: Tricera scores tenants in West Palm, Boca
Lease roundup: Tricera scores tenants in West Palm, Boca
From left: Lalo Durazo, Ricardo Dunin, Peacock Garden cafe, Gregory Galy and Mark Scheinberg (Getty, Peacock Garden)
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Billionaire’s hospitality group buys Peacock Garden in Coconut Grove
Rockpoint's Bill Walton and Keith Gelb with the Shops at Mary Brickell Village (left), 1221 Brickell (middle), and 911 Southwest First Avenue (right) (Rockpoint, Google Maps, Twitter)
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
From left: Rockpoint’s Bill Walton and Keith Gelb, 911 Southwest First Avenue and RPT Realty’s Brian Harper (Rockpoint, Google Maps, RPT Realty)
RPT Realty buys Shops at Mary Brickell Village for $216M
RPT Realty buys Shops at Mary Brickell Village for $216M
Lucid Investment Group's Andrew Rasken with 143 Southwest Ninth Street
Mexican developer-led JV plans Brickell apartment tower
Mexican developer-led JV plans Brickell apartment tower
Google Street View of the properties at 551 Southeast Eighth Street and 551 Southeast Fifth Avenue in Delray Beach with CDS International Holdings founder Carl DeSantis (Google Maps, CDS Holdings)
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
Celsius energy drink investor Carl DeSantis pays $25M for Delray Beach offices
R & B Realty’s Shelby Rosenberg and The Gateway at Wynwood (R & B Realty Group, iStock)
Lease roundup: The Gateway at Wynwood scores three new tenants
Lease roundup: The Gateway at Wynwood scores three new tenants
arrow_forward_ios

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

Loading...