Macken sells Walmart-anchored center in Miami Gardens

Walmart has 17 years left on its lease with 16 five-year options

Miami /
May.May 15, 2018 04:30 PM

Palmetto Design Center and Alan Macken (Credit: Macken Companies)

Macken Companies just sold a Walmart-anchored shopping center in Miami Gardens for $11.85 million.

The newly developed Palmetto Design Center at 3791 Northwest 167 Street sold for about $190 per square foot to Rise Star LLC, a Hollywood-based company led by Valentina Georgescu, according to a press release.

The plaza, completed in 2016, was developed in a joint venture between Macken Companies and Zvi Shiff of DZD Holdings. It hit the market in September asking $12.5 million, listed by Monte Greenberg of Macken’s in-house real estate brokerage Macken Realty.

Records show Macken Cos. bought the 7-acre shopping plaza in 2003 for $1.5 million.

Anchor tenant 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. A Spin Car Wash also leased a 32,520-square-foot outparcel within the property, according to the release.

The Walmart store has 17 years remaining on its lease with 16 five-year options, totaling 80 years. All the other tenants have about four years remaining on their leases with renewal options ranging from 5 to 25 years.

Demand for retail properties remains strong in Miami-Dade County. More than 2.8 million square feet of retail space is projected to be delivered this year in South Florida, according to a recent report from Marcus & Millichap. And in Miami-Dade County alone, about 1.8 million square feet will be completed by year’s end. Retail vacancy rates in Miami-Dade are projected to be 4.2 percent in 2018.

Nearby, Acre Companies is building a 37,000-square-foot 24 Hour Fitness health club and gas station at 19281 Northwest 27th Avenue.


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...