Cervera Real Estate Ventures buys Hialeah shopping center, plans renovations

Seller originally planned to convert property into a medical center

TRD MIAMI /
Jul.July 10, 2018 10:30 AM

3800 West 12th Avenue and Javier Cervera Jr. (Credit: Cervera Real Estate Ventures)

Cervera R.E. Ventures is entering Hialeah’s hot commercial market.

The company just paid $11.3 million for a shopping center at 3800 West 12th Avenue, with plans to reposition and renovate the property, President Javier Cervera Jr. said. It’s the company’s first acquisition in the city.

The seller is an affiliate of Leon Medical Centers. Records show W 12th Ave Investment, led by Michael Shealy, bought the building in 2015 for $11 million. The seller originally intended to convert the property into a medical center, but plans fell through after it expanded one of its existing centers, Cervera said.

The 74,350-square-foot retail property traded hands for about $150 per square foot. It sold about 85 percent leased to a mix of restaurant tenants and some small medical offices. Other tenants include a dance studio, a karate studio, a beauty salon and a day care.

The two-story retail plaza, built in 1984, sits on nearly 3 acres of land along Ludlam Road. The shopping plaza is near the newly completed 226-unit multifamily complex at 3500 West Ninth Avenue, developed in partnership with CFH Group and the Cayon Group.

Cervera’s company owns and manages a number of retail shopping centers, apartment buildings and warehouses throughout South Florida. He’s part of the Cervera family’s second generation, along with his sisters Alicia Cervera Lamadrid and Veronica Cervera Goeseke.

Cervera said the company plans to pick up more property in the area. It’s currently under contract to purchase a portfolio of industrial properties nearby for $2.6 million.

The area is hot with industrial activity, as investors and developers are capitalizing on its proximity to Miami International Airport.

Cervera R.E. Ventures is also under contract to sell a 1.42 acre stretch of land in Miami’s Arts & Entertainment District for $30 million to MRR Development, a new firm led by Rotem Rosen, Jerry Rotonda and billionaire Anand Mahindra.


Related Articles

arrow_forward_ios
J.C. de Ona, Southeast Florida Division President of Centennial Bank, Amelia Mixed Use rendering

Prestige Companies nabs loan for mixed-use project in Hialeah

Prestige Companies nabs loan for mixed-use project in Hialeah
 Javier Cervera Sr.

Javier Cervera Sr., who helped his wife form Miami brokerage after fleeing Cuba, dies

Javier Cervera Sr., who helped his wife form Miami brokerage after fleeing Cuba, dies
Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M

Easton Group picks up land in Hialeah Gardens for $8M
From left: Avison Young’s David Duckworth, Michael Fay, John Crotty, and Brian C. de la Fé, with 7400 Northwest 37 Avenue (Credit: google Maps)

Zaragon pays $8M for industrial property near Hialeah

Zaragon pays $8M for industrial property near Hialeah
6501 Northwest 37th Avenue and CBRE’s Jake Zebede, Tom O’Loughlin and Larry Genet (Credit: Google Maps)

O’Donnell Group buys industrial site near Hialeah for $8M

O’Donnell Group buys industrial site near Hialeah for $8M
The site and listing brokers Markos Bertolotti and Carlos Fausto Miranda

55-acre site near Hialeah hits the market for $15M

55-acre site near Hialeah hits the market for $15M
Carlos Mattos, 802 East 25 Street (Credit: Google Maps)

Carlos Mattos’ family buys Hialeah assemblage for $8M

Carlos Mattos’ family buys Hialeah assemblage for $8M
Armando Codina and his daughter, Ana-Marie Codina Barlick and Beacon Logistics Park

Biggest private corporation in US inks lease at Beacon Logistics Park

Biggest private corporation in US inks lease at Beacon Logistics Park
arrow_forward_ios

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

Loading...