MMG Equity Partners picks up Pinecrest Shoppes, plans renovations

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

TRD 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
Chris “Birdman” Andersen and William Meyersohn (Credit: Getty Images)

Chris “Birdman” Andersen sells Pinecrest house for $2M

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

9121 Southwest 62nd Court (Credit: Realtor)

Retired US Steel CEO buys Pinecrest mansion

From left: Dion Waiters, James Johnson, Erik Spoelstra, Dwayne Wade, LeBron James, Chris Bosh and Hassan Whiteside (Credit: Getty Images, iStock, Wikipedia Commons)

Heat Map: Here are the homes of Miami Heat’s elite

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

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

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

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

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

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

arrow_forward_ios
Loading...