MMG Equity Partners picks up retail center in Cutler Bay

MMG Equity paid $126 psf for the property

Miami /
Nov.November 04, 2019 12:30 PM
18901 Southwest 106th Avenue, MMG Equity Partners CEO Gabriel Navarro (Credit: Google Maps)

18901 Southwest 106th Avenue, MMG Equity Partners CEO Gabriel Navarro (Credit: Google Maps)

Who says retail is dead?

MMG Equity Partners paid $16 million for a shopping center in Cutler Bay.

MMG Equity Partners purchased the 127,072-square-foot Centre at Cutler Bay, at 18901 Southwest 106th Avenue, for $126 per square foot, records show. Cutler Center Holdings, LLC, which is tied to Luis Boschetti, sold the property.

The retail center was built in 2008. Cutler Center Holdings, LLC bought the property for $3.7 million in 2005.

Avison Young’s Rosendo Caveiro, John K. Crotty, Michael T. Fay, David Duckworth, Brian de la Fé, Berkley Bloodworth and Emily Brais represented the seller in the deal.

MMG could raise rents and build a standalone building on the east side of the property with the potential to hold seven tenants, according to a press release. The shopping center’s current tenants include child and adult daycare centers, a career counseling center, and offices for accountants, insurance agents and real estate brokers.

Earlier this year, a joint venture between MMG Equity Partners and Global Fund sold a Publix-anchored shopping center in Boynton Beach to Juster Development Company for $19.35 million.

In 2017, MMG Equity Partners paid $17 million for the Meadows Square Shopping Center in Boynton Beach.

Retail remains strong in South Florida despite reports of struggles nationally. In Miami-Dade County, asking retail rents rose to $39.75 per square foot in the third quarter from $35.54 per square foot in the previous year, according to Colliers International South Florida.

Homebuilders are targeting areas south of Miami-Dade County like Cutler Bay as home prices in Miami’s urban core are rising. Lennar recently paid $19.5 million for a 58-acre lot near Cutler Bay at Southwest 104th Avenue.


Related Articles

arrow_forward_ios
Jorge and Jon Paul Perez with a rendering of the project (Getty, Related Group)
Related wins approval for another Wynwood mixed-use multifamily project
Related wins approval for another Wynwood mixed-use multifamily project
Cobblestone Commons at 8767 Boynton Beach Boulevard (Google Maps)
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
Tricor Financial sells Winn-Dixie-anchored Cobblestone Commons near Boynton Beach for $38M
Southland Mall in Cutler Bay (Google Maps)
Lender takes control of struggling Southland Mall in Cutler Bay
Lender takes control of struggling Southland Mall in Cutler Bay
The Shoppes of Oakland Forest (Rich Commercial Group)
Shopping center in Oakland Park sells for $11M
Shopping center in Oakland Park sells for $11M
BridgeInvest's Alex Horn and Rieber Developments' Bernardo Rieber with a rendering of the project 
Rieber lands $15M loan for Aventura mixed-use project
Rieber lands $15M loan for Aventura mixed-use project
Arnaldo Bomnin and 8525 South Dixie Highway (Google Maps)
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
Bomnin Automotive pays $7M for former Pinecrest Mitsubishi dealership
21046 Commercial Trail, Boca Raton (Google Maps, iStock)
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
New bowling alley lease couldn’t keep South Florida’s retail market out of the gutter in Q4
2195 Northwest 103rd Street (Google Maps, iStock)
Four South Florida gas stations sell for $15M
Four South Florida gas stations sell for $15M
arrow_forward_ios

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

Loading...