MMG Equity Partners picks up retail center in Cutler Bay

MMG Equity paid $126 psf for the property

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.

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