A royal deal: Majestic Plaza shopping center sells in Westchester

The retail center sold for $255 psf

TRD MIAMI /
Nov.November 06, 2019 05:00 PM
8100 Southwest 8th Street (Credit: Google Maps)

8100 Southwest 8th Street (Credit: Google Maps)

A North Miami Beach investor purchased a shopping center in Westchester for $13 million amid a development boom in the western part of Miami-Dade County.

Majestic Center Plaza LLC, led by Offer Ramim, bought the 50,917-square-foot Majestic Plaza property at 8100 Southwest 8th Street for $255 per square foot, records show. The shopping center sits on a 101,146-square-foot lot.

Majestic Center Plaza Shopping Center LLC, managed by Steven Levy and Albert Russo of Hialeah, sold the retail center.

The property was last purchased for $4 million in 1986, records show.

The shopping center was built in 1984 and consists of small offices for doctors, dry cleaners, as well as tenants such as Breadman Bakery and InstaLoan. It sits right off State Road 826.

Westchester and western Miami-Dade are gaining interest from developers as home prices and rents are becoming more expensive in Miami’s urban core, forcing people to move further west.

Near the shopping center, Estate Investments Group is building the 306-unit Soleste Almeda apartment project at 6290 and 6320 Southwest 8th Street, with rents averaging $1,600 per month.

In August, Westover Companies bought a 331-unit apartment complex near Westchester at 9615 Southwest 24th Street for $55 million.


Related Articles

arrow_forward_ios
Shoppes at Southern Palms

Kohl’s-anchored shopping center in West Palm goes for $24M

Raanan Katz and 11460 Pines Boulevard (Credit: Google Maps)

Raanan Katz buys Pembroke Pines shopping center

Daily Digest Miami

1111 Lincoln inks retail lease with Yoyoso, Miami-Dade and Related Urban reveal massive affordable housing plan

Toll Brothers CEO Douglas C. Yearley, Jr. and Jupiter Country Club

Toll Brothers putts Jupiter golf course over to ClubCorp for $8M

Jorge Mas, David Beckham and a Miami Freedom Park rendering

Miami again delays vote on David Beckham’s soccer stadium deal

Frank Gore and his Davie home (Credit: Getty Images)

NFL’s Frank Gore lists Davie mansion

Rendering of Bodega Taqueria y Tequila, Keith Menin and Jared Galbut

Menin Hospitality’s Bodega is expanding to Fort Lauderdale

Shoppes at Southern Palms

Kohl’s-anchored shopping center in West Palm goes for $24M

arrow_forward_ios