The Real Deal Miami

MMG Equity Partners picks up Pinecrest Shoppes, plans renovations

Property sold for a $650k loss from its 2007 selling price
April 23, 2018 01:30PM

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